683 Capital Management LLC Acquires 983,986 Shares of Iovance Biotherapeutics, Inc. $IOVA

Key Points

• 683 Capital Management LLC increased its stake in Iovance Biotherapeutics by 69.5%, acquiring an additional 983,986 shares during the first quarter, bringing its total holdings to 2.4 million shares valued at approximately $8 million.
• Other institutional investors, including Vanguard Group Inc. and Long Focus Capital Management LLC, have also increased their positions in Iovance Biotherapeutics, with the combined holdings of hedge funds now accounting for 77.03% of the company's stock.
• Iovance Biotherapeutics recently reported a quarterly loss of ($0.33) earnings per share, missing analysts' expectations, and has received mixed updates from investment analysts, with price targets ranging from $4.00 to $20.00.

683 Capital Management LLC increased its holdings in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 69.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,400,000 shares of the biotechnology company's stock after purchasing an additional 983,986 shares during the period. 683 Capital Management LLC owned approximately 0.72% of Iovance Biotherapeutics worth $7,992,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Baird Financial Group Inc. grew its stake in Iovance Biotherapeutics by 1.0% in the fourth quarter. Baird Financial Group Inc. now owns 195,845 shares of the biotechnology company's stock valued at $1,449,000 after acquiring an additional 2,000 shares during the period. Algert Global LLC raised its stake in shares of Iovance Biotherapeutics by 4.3% in the fourth quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company's stock valued at $417,000 after buying an additional 2,330 shares during the period. Avantax Advisory Services Inc. raised its stake in shares of Iovance Biotherapeutics by 39.0% in the first quarter. Avantax Advisory Services Inc. now owns 18,560 shares of the biotechnology company's stock valued at $62,000 after buying an additional 5,205 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of Iovance Biotherapeutics by 12.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 45,877 shares of the biotechnology company's stock valued at $153,000 after buying an additional 5,237 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its holdings in Iovance Biotherapeutics by 39.4% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 19,442 shares of the biotechnology company's stock valued at $144,000 after buying an additional 5,500 shares in the last quarter. Institutional investors and hedge funds own 77.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on IOVA. Wells Fargo & Company cut their price objective on Iovance Biotherapeutics from $18.00 to $14.00 and set an "overweight" rating for the company in a report on Friday, August 8th. UBS Group downgraded Iovance Biotherapeutics from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $17.00 to $2.00 in a research report on Friday, May 16th. HC Wainwright reiterated a "buy" rating and issued a $20.00 price objective on shares of Iovance Biotherapeutics in a research report on Tuesday, August 19th. Zacks Research raised Iovance Biotherapeutics to a "hold" rating in a research note on Tuesday, August 12th. Finally, JMP Securities reiterated a "market perform" rating on shares of Iovance Biotherapeutics in a report on Friday, May 9th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $11.90.

Iovance Biotherapeutics Stock Up 13.2%

IOVA traded up $0.29 during midday trading on Friday, hitting $2.49. 15,204,959 shares of the company traded hands, compared to its average volume of 13,018,074. The firm has a market capitalization of $901.02 million, a PE ratio of -2.02 and a beta of 0.82. The company's 50-day moving average is $2.38 and its 200 day moving average is $2.79. Iovance Biotherapeutics, Inc. has a 52 week low of $1.64 and a 52 week high of $12.51.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.04). Iovance Biotherapeutics had a negative return on equity of 52.87% and a negative net margin of 161.44%.The firm had revenue of $59.95 million during the quarter, compared to analysts' expectations of $67.14 million. Iovance Biotherapeutics has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.