Pictet Asset Management SA raised its position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Free Report) by 119.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 964,292 shares of the biotechnology company’s stock after acquiring an additional 524,583 shares during the quarter. Pictet Asset Management SA owned approximately 0.43% of Iovance Biotherapeutics worth $5,892,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. GSA Capital Partners LLP boosted its stake in shares of Iovance Biotherapeutics by 117.6% during the 4th quarter. GSA Capital Partners LLP now owns 175,793 shares of the biotechnology company’s stock valued at $1,123,000 after purchasing an additional 95,017 shares in the last quarter. Endurant Capital Management LP bought a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at about $451,000. Rhenman & Partners Asset Management AB boosted its stake in shares of Iovance Biotherapeutics by 69.5% during the 4th quarter. Rhenman & Partners Asset Management AB now owns 864,378 shares of the biotechnology company’s stock valued at $5,523,000 after purchasing an additional 354,378 shares in the last quarter. Intellectus Partners LLC boosted its stake in shares of Iovance Biotherapeutics by 24.2% during the 1st quarter. Intellectus Partners LLC now owns 108,879 shares of the biotechnology company’s stock valued at $665,000 after purchasing an additional 21,229 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Iovance Biotherapeutics by 14.5% during the 1st quarter. New York State Common Retirement Fund now owns 677,309 shares of the biotechnology company’s stock valued at $4,138,000 after purchasing an additional 85,786 shares in the last quarter. Hedge funds and other institutional investors own 89.80% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $18.00 target price on shares of Iovance Biotherapeutics in a research note on Thursday, August 17th. Chardan Capital reissued a “buy” rating and set a $29.00 price objective on shares of Iovance Biotherapeutics in a research note on Wednesday, August 16th. StockNews.com initiated coverage on shares of Iovance Biotherapeutics in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Wells Fargo & Company raised shares of Iovance Biotherapeutics from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $11.00 to $17.00 in a research note on Tuesday, May 30th. Finally, Stifel Nicolaus boosted their price objective on shares of Iovance Biotherapeutics from $21.00 to $24.00 in a research note on Tuesday, May 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Iovance Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $18.55.
Iovance Biotherapeutics Stock Down 1.1 %
IOVA opened at $6.31 on Thursday. Iovance Biotherapeutics, Inc. has a twelve month low of $5.28 and a twelve month high of $11.95. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -2.82 and a beta of 0.10. The firm has a 50 day moving average price of $7.39 and a 200-day moving average price of $7.10.
Iovance Biotherapeutics (NASDAQ:IOVA – Get Free Report) last announced its earnings results on Tuesday, August 8th. The biotechnology company reported ($0.47) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.34. The business had revenue of $0.24 million for the quarter, compared to analysts’ expectations of $3.91 million. During the same period in the prior year, the company posted ($0.63) earnings per share. As a group, analysts expect that Iovance Biotherapeutics, Inc. will post -2 earnings per share for the current year.
Iovance Biotherapeutics Profile
Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. The company's lead product candidate is lifileucel that is in Phase II clinical trial for the treatment of metastatic melanoma and cervical cancer.
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