Hennion & Walsh Asset Management Inc. Grows Stock Position in Iovance Biotherapeutics, Inc. $IOVA

Key Points

• Hennion & Walsh Asset Management doubled its Iovance Biotherapeutics stake in the second quarter, purchasing 409,449 additional shares for a total of 818,913 shares valued at approximately $3.4 million.
• Iovance reported a quarterly revenue increase of 65.7% year over year to $198.63 million and an adjusted loss of $0.11 per share, surpassing analyst expectations.
• Analyst sentiment remains mixed, with five Buy, three Hold, and two Sell ratings; the stock carries a consensus “Hold” rating and an average price target of $8.00.

Hennion & Walsh Asset Management Inc. increased its stake in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 100.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 818,913 shares of the biotechnology company's stock after buying an additional 409,449 shares during the quarter. Hennion & Walsh Asset Management Inc. owned about 0.18% of Iovance Biotherapeutics worth $3,407,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. KBC Group NV bought a new position in Iovance Biotherapeutics during the first quarter valued at $34,000. Arcataur Capital Management LLC bought a new stake in shares of Iovance Biotherapeutics in the 4th quarter worth about $29,000. Granite Investment Partners LLC bought a new stake in shares of Iovance Biotherapeutics in the 4th quarter worth about $29,000. Motley Fool Asset Management LLC purchased a new position in shares of Iovance Biotherapeutics during the 4th quarter worth about $29,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of Iovance Biotherapeutics during the 1st quarter worth about $38,000. 77.03% of the stock is owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Stock Performance

Iovance Biotherapeutics stock opened at $6.40 on Tuesday. The company has a 50 day moving average price of $4.45 and a 200-day moving average price of $3.84. Iovance Biotherapeutics, Inc. has a fifty-two week low of $1.76 and a fifty-two week high of $6.92. The company has a market capitalization of $2.90 billion, a PE ratio of -8.77 and a beta of 0.71.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.02. The firm had revenue of $198.63 million during the quarter, compared to analyst estimates of $87.83 million. Iovance Biotherapeutics had a negative return on equity of 40.92% and a negative net margin of 89.11%.Iovance Biotherapeutics's quarterly revenue was up 65.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.33) earnings per share. On average, analysts forecast that Iovance Biotherapeutics, Inc. will post -0.56 earnings per share for the current year.

Wall Street Analyst Weigh In

IOVA has been the topic of several analyst reports. Citizens Jmp upped their price target on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the company a "market outperform" rating in a report on Friday. Robert W. Baird set a $6.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday. Weiss Ratings restated a "sell (d-)" rating on shares of Iovance Biotherapeutics in a research report on Thursday, July 2nd. Barclays upped their target price on Iovance Biotherapeutics from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Chardan Capital reduced their price target on Iovance Biotherapeutics from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Iovance Biotherapeutics presently has an average rating of "Hold" and a consensus target price of $8.00.

Iovance Biotherapeutics 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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