Skandinaviska Enskilda Banken AB publ Raises Stock Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Posted by Defense World Staff on Feb 24th, 2023

Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Rating) by 127.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,249 shares of the biotechnology company’s stock after purchasing an additional 60,039 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.07% of Iovance Biotherapeutics worth $1,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in IOVA. Lazard Asset Management LLC increased its holdings in Iovance Biotherapeutics by 38.5% in the first quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 934 shares in the last quarter. Baird Financial Group Inc. increased its holdings in Iovance Biotherapeutics by 3.7% in the first quarter. Baird Financial Group Inc. now owns 27,545 shares of the biotechnology company’s stock valued at $459,000 after buying an additional 995 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Iovance Biotherapeutics by 7.3% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,925 shares of the biotechnology company’s stock valued at $162,000 after buying an additional 1,149 shares in the last quarter. Chartwell Investment Partners LLC increased its holdings in Iovance Biotherapeutics by 3.6% in the third quarter. Chartwell Investment Partners LLC now owns 46,672 shares of the biotechnology company’s stock valued at $447,000 after buying an additional 1,635 shares in the last quarter. Finally, Macquarie Group Ltd. increased its holdings in Iovance Biotherapeutics by 2.7% in the second quarter. Macquarie Group Ltd. now owns 66,393 shares of the biotechnology company’s stock valued at $733,000 after buying an additional 1,721 shares in the last quarter. Hedge funds and other institutional investors own 96.78% of the company’s stock.

Insider Activity

In related news, Director Wayne P. Rothbaum purchased 10,000,000 shares of Iovance Biotherapeutics stock in a transaction dated 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 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 SEC, which is available at the SEC website. In related news, Director Wayne P. Rothbaum purchased 10,000,000 shares of Iovance Biotherapeutics stock in a transaction dated 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 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 SEC, which is available at the SEC website. Also, Director Merrill A. Mcpeak purchased 10,000 shares of Iovance Biotherapeutics stock in a transaction dated Wednesday, December 21st. The stock was bought at an average cost of $6.15 per share, for a total transaction of $61,500.00. Following the completion of the purchase, the director now directly owns 70,150 shares in the company, valued at approximately $431,422.50. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 10,021,000 shares of company stock valued at $65,129,280. Company insiders own 7.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IOVA. Chardan Capital cut their price objective on shares of Iovance Biotherapeutics from $30.00 to $29.00 and set a “buy” rating for the company in a report on Friday, November 18th. JMP Securities dropped their target price on shares of Iovance Biotherapeutics from $25.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Monday, November 21st. The Goldman Sachs Group lowered shares of Iovance Biotherapeutics from a “buy” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $6.00 in a research report on Thursday, December 8th. Benchmark lowered shares of Iovance Biotherapeutics to a “neutral” rating and dropped their target price for the company from $20.00 to $6.00 in a research report on Friday, December 9th. Finally, HC Wainwright lowered their price target on shares of Iovance Biotherapeutics from $43.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, November 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Iovance Biotherapeutics Price Performance

NASDAQ:IOVA opened at $7.25 on Friday. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -2.94 and a beta of 0.20. The company’s 50-day moving average is $6.87 and its two-hundred day moving average is $8.52. Iovance Biotherapeutics, Inc. has a 1-year low of $5.42 and a 1-year high of $18.73.

About Iovance Biotherapeutics

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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.