CM Management LLC Decreases Stock Holdings in Iovance Biotherapeutics, Inc. $IOVA

Key Points

• CM Management LLC cut its stake in Iovance by 42.9% in Q4, selling 300,000 shares and now holds 400,000 shares (about 0.10% of the company) valued at $1.09 million.
• Other institutional investors largely increased positions—Invenomic, Mirador, Aberdeen and others added shares—leaving 77.03% of Iovance stock owned by hedge funds and institutions.
• Iovance slightly beat the latest quarter's EPS and revenue estimates but remains unprofitable (negative margins and ROE); the stock trades near $3.40 with an average analyst rating of “Hold” and a consensus target of $8.88.

CM Management LLC reduced its stake in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 42.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400,000 shares of the biotechnology company's stock after selling 300,000 shares during the quarter. CM Management LLC owned approximately 0.10% of Iovance Biotherapeutics worth $1,092,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Invenomic Capital Management LP raised its position in shares of Iovance Biotherapeutics by 27.1% in the 3rd quarter. Invenomic Capital Management LP now owns 10,541,608 shares of the biotechnology company's stock worth $22,875,000 after buying an additional 2,246,945 shares during the period. Mirador Capital Partners LP raised its position in shares of Iovance Biotherapeutics by 100.9% in the 4th quarter. Mirador Capital Partners LP now owns 1,034,544 shares of the biotechnology company's stock worth $2,824,000 after buying an additional 519,519 shares during the period. Aberdeen Group plc raised its position in shares of Iovance Biotherapeutics by 25.1% in the 4th quarter. Aberdeen Group plc now owns 759,522 shares of the biotechnology company's stock worth $2,073,000 after buying an additional 152,312 shares during the period. Rhenman & Partners Asset Management AB raised its position in shares of Iovance Biotherapeutics by 69.5% in the 3rd quarter. Rhenman & Partners Asset Management AB now owns 1,097,827 shares of the biotechnology company's stock worth $2,382,000 after buying an additional 450,000 shares during the period. Finally, Rafferty Asset Management LLC raised its position in shares of Iovance Biotherapeutics by 65.1% in the 3rd quarter. Rafferty Asset Management LLC now owns 482,975 shares of the biotechnology company's stock worth $1,048,000 after buying an additional 190,522 shares during the period. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Price Performance

NASDAQ:IOVA opened at $3.40 on Friday. The business's 50-day moving average is $3.77 and its two-hundred day moving average is $2.90. The firm has a market capitalization of $1.52 billion, a PE ratio of -3.04 and a beta of 0.69. Iovance Biotherapeutics, Inc. has a 12 month low of $1.64 and a 12 month high of $5.63.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its earnings results on Tuesday, February 24th. The biotechnology company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. The company had revenue of $86.77 million during the quarter, compared to the consensus estimate of $81.61 million. Iovance Biotherapeutics had a negative return on equity of 54.54% and a negative net margin of 148.41%. Equities analysts anticipate that Iovance Biotherapeutics, Inc. will post -0.61 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on IOVA. The Goldman Sachs Group reissued a "sell" rating and issued a $2.00 price objective on shares of Iovance Biotherapeutics in a research report on Thursday, February 5th. Barclays raised their price objective on Iovance Biotherapeutics from $10.00 to $11.00 and gave the company an "overweight" rating in a research report on Wednesday, February 25th. Truist Financial raised Iovance Biotherapeutics to a "hold" rating in a research report on Wednesday, March 25th. Wall Street Zen raised Iovance Biotherapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Iovance Biotherapeutics in a research report on Monday, April 6th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $8.88.

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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