4,993,584 Shares in Iovance Biotherapeutics, Inc. $IOVA Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 4,993,584 Iovance Biotherapeutics shares worth approximately $20.8 million during the second quarter, giving it a 1.10% stake. Institutional investors collectively own 77.03% of the company.
• Analyst sentiment is broadly positive, with eight Buy ratings, two Holds and one Sell; the consensus rating is Moderate Buy with a $10.56 price target.
• Iovance’s latest quarterly results exceeded expectations, reporting an adjusted loss of $0.11 per share versus the $0.13 estimate and revenue of $99.31 million, up 65.7% year over year.

Bank of America Corp DE purchased a new position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,993,584 shares of the biotechnology company's stock, valued at approximately $20,773,000. Bank of America Corp DE owned 1.10% of Iovance Biotherapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of IOVA. Freestone Grove Partners LP bought a new position in Iovance Biotherapeutics during the second quarter worth $178,000. Man Group plc acquired a new stake in shares of Iovance Biotherapeutics in the 2nd quarter valued at about $1,052,000. Jupiter Topco LLC bought a new stake in Iovance Biotherapeutics in the 2nd quarter valued at about $589,000. ADAR1 Capital Management LLC bought a new stake in Iovance Biotherapeutics in the 2nd quarter valued at about $608,000. Finally, Hsbc Holdings PLC acquired a new position in Iovance Biotherapeutics during the 2nd quarter worth approximately $292,000. 77.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on IOVA. TD Cowen raised their price objective on Iovance Biotherapeutics from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Monday, August 24th. UBS Group upped their target price on Iovance Biotherapeutics from $4.00 to $7.00 and gave the stock a "neutral" rating in a research report on Thursday, August 20th. The Goldman Sachs Group began coverage on Iovance Biotherapeutics in a report on Thursday. They issued a "buy" rating and a $15.00 target price on the stock. Robert W. Baird set a $6.00 price target on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. Finally, Citizens Jmp boosted their price target on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the company a "market outperform" rating in a research note on Friday, August 7th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.56.

Iovance Biotherapeutics Stock Up 6.0%

Shares of NASDAQ:IOVA opened at $10.80 on Friday. The business's 50 day moving average is $7.37 and its 200 day moving average is $5.12. Iovance Biotherapeutics, Inc. has a 12-month low of $1.76 and a 12-month high of $10.98. The stock has a market cap of $4.89 billion, a price-to-earnings ratio of -14.79 and a beta of 0.83.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. The business had revenue of $99.31 million for the quarter, compared to analysts' expectations of $87.83 million. During the same period in the previous year, the company earned ($0.33) earnings per share. The firm's revenue for the quarter was up 65.7% compared to the same quarter last year. As a group, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -0.49 earnings per share for the current year.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. Its platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient's tumor, expanded in a manufacturing facility and returned to the patient to help recognize and attack cancer cells.

The company's lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.

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