Prelude Capital Management LLC Buys New Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Posted by Defense World Staff on Sep 19th, 2023

Prelude Capital Management LLC bought a new stake in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 46,435 shares of the biotechnology company’s stock, valued at approximately $284,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Assetmark Inc. raised its position in Iovance Biotherapeutics by 299.5% in the 1st quarter. Assetmark Inc. now owns 4,223 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 3,166 shares during the last quarter. US Bancorp DE increased its position in shares of Iovance Biotherapeutics by 72.7% during the 1st quarter. US Bancorp DE now owns 5,591 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 2,354 shares during the last quarter. Royal Bank of Canada increased its position in shares of Iovance Biotherapeutics by 54.5% during the 3rd quarter. Royal Bank of Canada now owns 5,066 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,787 shares during the last quarter. Systematic Financial Management LP acquired a new position in shares of Iovance Biotherapeutics during the 1st quarter worth approximately $48,000. Finally, Lazard Asset Management LLC increased its position in shares of Iovance Biotherapeutics by 38.5% during the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 934 shares during the last quarter. Institutional investors and hedge funds own 81.85% of the company’s stock.

Iovance Biotherapeutics Price Performance

IOVA opened at $5.93 on Tuesday. The business has a fifty day simple moving average of $6.74 and a 200 day simple moving average of $6.92. The company has a market capitalization of $1.47 billion, a PE ratio of -2.65 and a beta of 0.10. Iovance Biotherapeutics, Inc. has a 1 year low of $4.41 and a 1 year high of $10.85.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Free Report) last released its earnings results on Tuesday, August 8th. The biotechnology company reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.34. The company had revenue of $0.24 million for the quarter, compared to the consensus estimate of $3.91 million. During the same quarter in the previous year, the company posted ($0.63) earnings per share. Equities analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.87 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Wayne P. Rothbaum bought 5,000,000 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was purchased at an average cost of $5.30 per share, for a total transaction of $26,500,000.00. Following the transaction, the director now owns 23,067,333 shares in the company, valued at approximately $122,256,864.90. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 10.40% of the company’s stock.

Wall Street Analyst Weigh In

IOVA has been the topic of several recent analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $18.00 price target on shares of Iovance Biotherapeutics in a research report on Friday. Mizuho reaffirmed a “buy” rating and set a $30.00 price target on shares of Iovance Biotherapeutics in a research report on Friday. Barclays lowered their price target on Iovance Biotherapeutics from $40.00 to $18.00 and set an “overweight” rating on the stock in a research report on Monday. Truist Financial reiterated a “buy” rating and set a $17.00 target price on shares of Iovance Biotherapeutics in a research note on Friday. Finally, Robert W. Baird reduced their target price on Iovance Biotherapeutics from $23.00 to $20.00 in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Iovance Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.54.

Read Our Latest Stock Report on Iovance Biotherapeutics

About Iovance Biotherapeutics

(Free Report)

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.