Invenomic Capital Management LP Buys 2,246,945 Shares of Iovance Biotherapeutics, Inc. $IOVA

Key Points

• Invenomic Capital Management LP increased its Iovance stake by 27.1%, buying 2,246,945 shares to hold 10,541,608 shares (about 2.66% of Iovance), worth roughly $22.9 million.
• Other major institutions — including Bank of America, UBS Asset Management and Goldman Sachs — also raised positions, and hedge funds/institutional investors now own about 77.03% of Iovance.
• Iovance recently beat quarterly estimates with EPS of ($0.18) and revenue of $86.8M but remains unprofitable; the stock trades near $3.96 with a market cap of $1.63B and carries an average analyst rating of Hold with a $8.88 target.

Invenomic Capital Management LP boosted its stake in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 27.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,541,608 shares of the biotechnology company's stock after purchasing an additional 2,246,945 shares during the period. Iovance Biotherapeutics comprises 1.1% of Invenomic Capital Management LP's portfolio, making the stock its 26th largest holding. Invenomic Capital Management LP owned about 2.66% of Iovance Biotherapeutics worth $22,875,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IOVA. Bank of America Corp DE raised its stake in Iovance Biotherapeutics by 55.8% during the 3rd quarter. Bank of America Corp DE now owns 6,279,230 shares of the biotechnology company's stock valued at $13,626,000 after buying an additional 2,249,662 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Iovance Biotherapeutics by 3.7% in the 2nd quarter. Geode Capital Management LLC now owns 6,189,058 shares of the biotechnology company's stock worth $10,646,000 after buying an additional 220,760 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Iovance Biotherapeutics by 202.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,777,344 shares of the biotechnology company's stock worth $19,239,000 after buying an additional 3,869,617 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Iovance Biotherapeutics by 30.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,571,902 shares of the biotechnology company's stock worth $18,554,000 after acquiring an additional 1,301,846 shares during the period. Finally, Orion Investment Co grew its holdings in shares of Iovance Biotherapeutics by 98.7% in the second quarter. Orion Investment Co now owns 2,338,563 shares of the biotechnology company's stock worth $4,022,000 after acquiring an additional 1,161,710 shares during the period. Hedge funds and other institutional investors own 77.03% of the company's stock.

Iovance Biotherapeutics Stock Down 2.7%

IOVA stock opened at $3.96 on Monday. The business's 50-day moving average price is $3.06 and its 200-day moving average price is $2.57. The stock has a market cap of $1.63 billion, a P/E ratio of -3.54 and a beta of 0.68. Iovance Biotherapeutics, Inc. has a twelve month low of $1.64 and a twelve month high of $5.63.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its earnings results on Tuesday, February 24th. The biotechnology company reported ($0.18) earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.04. The company had revenue of $86.77 million for the quarter, compared to analysts' expectations of $81.61 million. Iovance Biotherapeutics had a negative net margin of 148.41% and a negative return on equity of 54.54%. On average, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IOVA has been the topic of a number of recent research reports. Chardan Capital lowered their target price on Iovance Biotherapeutics from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, February 25th. Wall Street Zen upgraded Iovance Biotherapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Barclays increased their price objective on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 25th. Citizens Jmp raised shares of Iovance Biotherapeutics from a "market perform" rating to a "market outperform" rating and set a $5.00 price objective on the stock in a report on Tuesday, March 3rd. Finally, UBS Group upped their target price on shares of Iovance Biotherapeutics from $2.00 to $4.00 and gave the company a "neutral" rating in a report on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Iovance Biotherapeutics presently has an average rating of "Hold" and an average target price of $8.88.

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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