Seven Eight Capital LP Trims Stock Holdings in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Seven Eight Capital LP lessened its position in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 55.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 77,240 shares of the biotechnology company’s stock after selling 97,162 shares during the quarter. Seven Eight Capital LP’s holdings in Iovance Biotherapeutics were worth $619,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC boosted its position in Iovance Biotherapeutics by 27.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 22,085 shares of the biotechnology company’s stock valued at $177,000 after buying an additional 4,726 shares during the last quarter. E Fund Management Co. Ltd. raised its position in Iovance Biotherapeutics by 48.2% during the 2nd quarter. E Fund Management Co. Ltd. now owns 40,912 shares of the biotechnology company’s stock worth $328,000 after buying an additional 13,310 shares during the last quarter. Virtu Financial LLC acquired a new stake in Iovance Biotherapeutics during the 2nd quarter valued at approximately $755,000. Edgestream Partners L.P. purchased a new stake in shares of Iovance Biotherapeutics in the 2nd quarter valued at $799,000. Finally, Wealthspire Advisors LLC acquired a new stake in shares of Iovance Biotherapeutics in the second quarter worth $457,000. 77.03% of the stock is owned by institutional investors and hedge funds.

Iovance Biotherapeutics Price Performance

Shares of NASDAQ:IOVA opened at $10.15 on Friday. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -5.64 and a beta of 0.63. The business’s 50 day moving average price is $9.83 and its 200-day moving average price is $10.70. Iovance Biotherapeutics, Inc. has a 1 year low of $3.21 and a 1 year high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.01. Iovance Biotherapeutics had a negative net margin of 1,343.27% and a negative return on equity of 65.04%. The business had revenue of $31.11 million for the quarter, compared to analyst estimates of $24.59 million. During the same quarter last year, the business earned ($0.47) earnings per share. The company’s revenue for the quarter was up 12969.7% compared to the same quarter last year. On average, sell-side analysts expect that Iovance Biotherapeutics, Inc. will post -1.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on IOVA. JMP Securities lowered their price target on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a report on Thursday, June 20th. HC Wainwright restated a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Monday, August 12th. StockNews.com upgraded Iovance Biotherapeutics to a “sell” rating in a research report on Monday, August 12th. Finally, Piper Sandler lowered Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $19.00 to $10.00 in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.