Bank of New York Mellon Corp Buys Shares of 1,162,097 Iovance Biotherapeutics, Inc. $IOVA

Key Points

• Bank of New York Mellon acquired 1,162,097 Iovance Biotherapeutics shares in the second quarter, worth approximately $4.83 million and representing about 0.26% of the company. Institutional investors collectively owned 77.03% of IOVA.
• Iovance reported quarterly revenue of $198.63 million, up 65.7% year over year and well above analyst expectations, while its adjusted loss of $0.11 per share beat estimates of $0.13.
• IOVA traded at $8.79, near its 12-month high, as several analysts raised price targets; however, the overall analyst consensus remained “Hold,” with a target price of $8.89.

Bank of New York Mellon Corp acquired a new position in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,162,097 shares of the biotechnology company's stock, valued at approximately $4,834,000. Bank of New York Mellon Corp owned approximately 0.26% of Iovance Biotherapeutics as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. GSA Capital Partners LLP acquired a new stake in shares of Iovance Biotherapeutics in the second quarter valued at approximately $2,726,000. Tema ETFs LLC lifted its holdings in shares of Iovance Biotherapeutics by 52.1% during the second quarter. Tema ETFs LLC now owns 280,048 shares of the biotechnology company's stock worth $1,165,000 after buying an additional 95,933 shares in the last quarter. Centurion Wealth Management LLC boosted its holdings in Iovance Biotherapeutics by 18.5% in the 2nd quarter. Centurion Wealth Management LLC now owns 69,168 shares of the biotechnology company's stock valued at $288,000 after purchasing an additional 10,784 shares during the period. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Iovance Biotherapeutics by 100.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 818,913 shares of the biotechnology company's stock valued at $3,407,000 after buying an additional 409,449 shares during the period. Finally, Mirador Capital Partners LP increased its stake in Iovance Biotherapeutics by 0.7% during the 2nd quarter. Mirador Capital Partners LP now owns 1,080,288 shares of the biotechnology company's stock worth $4,494,000 after acquiring an additional 7,052 shares during the period. Institutional investors own 77.03% of the company's stock.

Iovance Biotherapeutics Trading Up 1.0%

NASDAQ IOVA opened at $8.79 on Friday. The stock's fifty day moving average price is $5.90 and its 200-day moving average price is $4.53. The stock has a market cap of $3.98 billion, a P/E ratio of -12.04 and a beta of 0.83. Iovance Biotherapeutics, Inc. has a 12 month low of $1.76 and a 12 month high of $9.36.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last issued its earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share (EPS) 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 company had revenue of $198.63 million for the quarter, compared to analysts' expectations of $87.83 million. During the same quarter last year, the company posted ($0.33) earnings per share. The firm's quarterly revenue was up 65.7% on a year-over-year basis. As a group, analysts forecast that Iovance Biotherapeutics, Inc. will post -0.49 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IOVA. TD Cowen boosted their price target on Iovance Biotherapeutics from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Monday, August 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Iovance Biotherapeutics in a report on Thursday, July 2nd. Mizuho upped their price target on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Tuesday, August 18th. Citigroup reiterated an "outperform" rating on shares of Iovance Biotherapeutics in a report on Friday, August 7th. Finally, Barclays lifted their target price on shares of Iovance Biotherapeutics from $11.00 to $13.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Iovance Biotherapeutics presently has a consensus rating of "Hold" and a consensus price target of $8.89.

About Iovance Biotherapeutics

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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