Connor Clark & Lunn Investment Management Ltd. Invests $146,000 in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Posted by on Feb 24th, 2023

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Rating) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 15,250 shares of the biotechnology company’s stock, valued at approximately $146,000.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Iovance Biotherapeutics by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 12,341,653 shares of the biotechnology company’s stock worth $205,489,000 after purchasing an additional 143,866 shares in the last quarter. State Street Corp grew its holdings in shares of Iovance Biotherapeutics by 71.9% during the 2nd quarter. State Street Corp now owns 11,770,751 shares of the biotechnology company’s stock worth $129,949,000 after purchasing an additional 4,925,025 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Iovance Biotherapeutics by 17.8% during the 1st quarter. Wellington Management Group LLP now owns 11,288,726 shares of the biotechnology company’s stock worth $187,957,000 after purchasing an additional 1,704,644 shares in the last quarter. BlackRock Inc. lifted its position in shares of Iovance Biotherapeutics by 0.3% during the 1st quarter. BlackRock Inc. now owns 7,428,992 shares of the biotechnology company’s stock worth $123,692,000 after buying an additional 20,487 shares during the last quarter. Finally, Pictet Asset Management SA lifted its position in shares of Iovance Biotherapeutics by 40.6% during the 2nd quarter. Pictet Asset Management SA now owns 3,632,838 shares of the biotechnology company’s stock worth $40,107,000 after buying an additional 1,048,129 shares during the last quarter. 96.78% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Iovance Biotherapeutics

In related news, Director Wayne P. Rothbaum acquired 10,000,000 shares of the stock in a transaction dated Friday, December 2nd. The stock was bought at an average cost of $6.50 per share, for a total transaction of $65,000,000.00. Following the completion of the transaction, the director now directly owns 18,067,333 shares of the company’s stock, valued at $117,437,664.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Iovance Biotherapeutics news, Director Merrill A. Mcpeak bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 21st. The stock was acquired at an average price of $6.15 per share, with a total value of $61,500.00. Following the completion of the purchase, the director now directly owns 70,150 shares of the company’s stock, valued at approximately $431,422.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wayne P. Rothbaum bought 10,000,000 shares of the firm’s stock in a transaction that occurred on Friday, December 2nd. The shares were acquired at an average cost of $6.50 per share, with a total value of $65,000,000.00. Following the purchase, the director now directly owns 18,067,333 shares of the company’s stock, valued at $117,437,664.50. The disclosure for this purchase can be found here. Insiders purchased 10,021,000 shares of company stock worth $65,129,280 over the last ninety days. 7.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

IOVA has been the subject of several recent analyst reports. Guggenheim initiated coverage on Iovance Biotherapeutics in a research report on Monday, October 31st. They set a “neutral” rating for the company. Chardan Capital dropped their price objective on Iovance Biotherapeutics from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Friday, November 18th. Truist Financial upped their price objective on Iovance Biotherapeutics from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, January 24th. Piper Sandler upgraded Iovance Biotherapeutics from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $11.00 to $14.00 in a research report on Friday, January 27th. Finally, JMP Securities dropped their target price on Iovance Biotherapeutics from $25.00 to $21.00 and set a “market outperform” rating for the company in a research report on Monday, November 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Iovance Biotherapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Iovance Biotherapeutics Price Performance

Shares of IOVA opened at $7.25 on Friday. Iovance Biotherapeutics, Inc. has a 1 year low of $5.42 and a 1 year high of $18.73. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -2.94 and a beta of 0.20. The business has a 50-day moving average of $6.87 and a 200-day moving average of $8.52.

Iovance Biotherapeutics Company Profile

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Iovance Biotherapeutics, Inc is a biopharmaceutical company, which engages in the development and commercialization of cell therapies as novel cancer immunotherapy products. Its lead product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients’ tumors.

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Institutional Ownership by Quarter for Iovance Biotherapeutics (NASDAQ:IOVA)

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