Bank of America Corp DE Sells 5,787,694 Shares of Iovance Biotherapeutics, Inc. $IOVA

Key Points

• Bank of America cut its Iovance Biotherapeutics stake by 40.5%, selling 5.79 million shares in the first quarter and retaining 8.49 million shares worth approximately $29.8 million, or 1.9% of the company.
• Institutional ownership remains high at 77.03%, with Vanguard and Dimensional Fund Advisors among investors increasing their positions.
• Analyst sentiment is mixed, with five Buy, two Hold and two Sell ratings; the consensus rating is Hold with an $8.00 price target. Iovance also beat quarterly EPS estimates and reported revenue of $198.6 million, up 65.7% year over year.

Bank of America Corp DE reduced its stake in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 40.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 8,490,119 shares of the biotechnology company's stock after selling 5,787,694 shares during the quarter. Bank of America Corp DE owned 1.90% of Iovance Biotherapeutics worth $29,800,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Knott David M Jr bought a new position in Iovance Biotherapeutics in the first quarter worth $5,616,000. Dimensional Fund Advisors LP increased its holdings in shares of Iovance Biotherapeutics by 71.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,645,702 shares of the biotechnology company's stock worth $9,282,000 after purchasing an additional 1,106,592 shares in the last quarter. Profund Advisors LLC lifted its stake in Iovance Biotherapeutics by 149.7% during the 4th quarter. Profund Advisors LLC now owns 260,660 shares of the biotechnology company's stock valued at $712,000 after acquiring an additional 156,253 shares during the period. Vanguard Group Inc. boosted its holdings in Iovance Biotherapeutics by 13.1% in the fourth quarter. Vanguard Group Inc. now owns 27,207,079 shares of the biotechnology company's stock worth $74,275,000 after purchasing an additional 3,148,096 shares during the last quarter. Finally, Leonteq Securities AG purchased a new stake in Iovance Biotherapeutics in the fourth quarter worth approximately $532,000. Institutional investors own 77.03% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on IOVA shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Iovance Biotherapeutics in a report on Thursday, July 2nd. Citizens Jmp raised their target price on Iovance Biotherapeutics from $5.00 to $8.00 and gave the stock a "market outperform" rating in a research report on Friday, August 7th. Citigroup restated an "outperform" rating on shares of Iovance Biotherapeutics in a research note on Friday, August 7th. Robert W. Baird set a $6.00 price target on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. Finally, Barclays increased their price objective on shares of Iovance Biotherapeutics from $11.00 to $13.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Iovance Biotherapeutics presently has an average rating of "Hold" and a consensus target price of $8.00.

Iovance Biotherapeutics Stock Performance

Shares of NASDAQ IOVA opened at $6.98 on Friday. The company has a market cap of $3.16 billion, a P/E ratio of -9.56 and a beta of 0.71. Iovance Biotherapeutics, Inc. has a 52-week low of $1.76 and a 52-week high of $7.00. The firm's fifty day moving average is $4.65 and its two-hundred day moving average is $3.94.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, beating 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 $198.63 million during the quarter, compared to the consensus estimate of $87.83 million. During the same quarter in the prior year, the firm earned ($0.33) EPS. The business's revenue was up 65.7% on a year-over-year basis. As a group, analysts forecast that Iovance Biotherapeutics, Inc. will post -0.5 EPS for the current fiscal year.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company's lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance's pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.

Iovance's TIL platform harnesses a patient's own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.

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