Principal Financial Group Inc. Purchases 530,338 Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Principal Financial Group Inc. boosted its position in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 26.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,536,243 shares of the biotechnology company’s stock after purchasing an additional 530,338 shares during the period. Principal Financial Group Inc. owned about 0.91% of Iovance Biotherapeutics worth $20,341,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. ORG Partners LLC bought a new position in Iovance Biotherapeutics during the 2nd quarter valued at about $32,000. Quadrant Capital Group LLC raised its stake in shares of Iovance Biotherapeutics by 1,227.8% in the fourth quarter. Quadrant Capital Group LLC now owns 5,059 shares of the biotechnology company’s stock worth $41,000 after acquiring an additional 4,678 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Iovance Biotherapeutics in the first quarter worth about $87,000. Calton & Associates Inc. bought a new position in shares of Iovance Biotherapeutics in the fourth quarter worth about $98,000. Finally, Inceptionr LLC bought a new position in shares of Iovance Biotherapeutics in the fourth quarter worth about $108,000. 77.03% of the stock is owned by institutional investors.

Iovance Biotherapeutics Stock Down 6.9 %

Iovance Biotherapeutics stock opened at $10.85 on Wednesday. The stock has a market capitalization of $3.04 billion, a PE ratio of -6.03 and a beta of 0.63. Iovance Biotherapeutics, Inc. has a twelve month low of $3.21 and a twelve month high of $18.33. The company has a 50 day moving average of $9.26 and a 200-day moving average of $11.17.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IOVA. Piper Sandler downgraded shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $19.00 to $10.00 in a research note on Monday, July 29th. StockNews.com upgraded shares of Iovance Biotherapeutics to a “sell” rating in a research report on Monday, August 12th. HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Monday, August 12th. Finally, JMP Securities lowered their price target on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating for the company in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Iovance Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

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.