The Manufacturers Life Insurance Company Has $2.69 Million Holdings in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

The Manufacturers Life Insurance Company reduced its position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 6.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 335,513 shares of the biotechnology company’s stock after selling 23,475 shares during the period. The Manufacturers Life Insurance Company owned about 0.12% of Iovance Biotherapeutics worth $2,691,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Sei Investments Co. increased its position in Iovance Biotherapeutics by 33.9% in the 1st quarter. Sei Investments Co. now owns 333,148 shares of the biotechnology company’s stock worth $4,937,000 after purchasing an additional 84,382 shares during the last quarter. Vanguard Group Inc. increased its position in Iovance Biotherapeutics by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 22,812,820 shares of the biotechnology company’s stock worth $185,468,000 after purchasing an additional 669,350 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in Iovance Biotherapeutics in the 1st quarter worth about $246,000. Opaleye Management Inc. increased its holdings in shares of Iovance Biotherapeutics by 47.0% during the 4th quarter. Opaleye Management Inc. now owns 897,000 shares of the biotechnology company’s stock valued at $7,293,000 after acquiring an additional 287,000 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Iovance Biotherapeutics during the 2nd quarter valued at about $12,929,000. 77.03% of the stock is owned by institutional investors and hedge funds.

Iovance Biotherapeutics Stock Down 2.7 %

IOVA opened at $9.72 on Wednesday. The firm has a market capitalization of $2.72 billion, a P/E ratio of -5.40 and a beta of 0.62. The stock’s 50 day moving average price is $10.01 and its two-hundred day moving average price is $10.21. Iovance Biotherapeutics, Inc. has a 12-month low of $3.21 and a 12-month high of $18.33.

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JMP Securities lowered their price objective on 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 reissued a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Monday, August 12th. StockNews.com raised Iovance Biotherapeutics to a “sell” rating in a 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 company from $19.00 to $10.00 in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Iovance Biotherapeutics has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Iovance Biotherapeutics 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.