Magnetar Financial LLC Takes $661,000 Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Magnetar Financial LLC acquired a new position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 82,363 shares of the biotechnology company’s stock, valued at approximately $661,000.

Several other hedge funds also recently made changes to their positions in the stock. Avoro Capital Advisors LLC grew its position in Iovance Biotherapeutics by 74.6% during the first quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock worth $173,394,000 after buying an additional 5,000,000 shares in the last quarter. Vanguard Group Inc. grew its holdings in Iovance Biotherapeutics by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock worth $369,245,000 after acquiring an additional 2,102,480 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Iovance Biotherapeutics by 60.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,267,864 shares of the biotechnology company’s stock worth $78,071,000 after purchasing an additional 1,991,262 shares during the last quarter. Norges Bank purchased a new position in Iovance Biotherapeutics during the 4th quarter valued at about $9,109,000. Finally, Invenomic Capital Management LP bought a new position in Iovance Biotherapeutics during the 4th quarter valued at approximately $8,563,000. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Price Performance

NASDAQ:IOVA opened at $9.34 on Wednesday. The firm’s 50-day moving average price is $9.84 and its 200-day moving average price is $10.56. The company has a market capitalization of $2.61 billion, a PE ratio of -5.19 and a beta of 0.63. 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 quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $24.59 million. During the same quarter in the prior year, the company earned ($0.47) earnings per share. The business’s revenue was up 12969.7% compared to the same quarter last year. Equities analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IOVA. HC Wainwright reissued a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Monday, August 12th. Piper Sandler cut shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and cut their price target for the company from $19.00 to $10.00 in a report on Monday, July 29th. StockNews.com upgraded shares of Iovance Biotherapeutics to a “sell” rating in a report on Monday, August 12th. Finally, JMP Securities cut their target price on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Iovance Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Iovance Biotherapeutics Company Profile

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.