Invenomic Capital Management LP Purchases Shares of 5,489,799 Iovance Biotherapeutics, Inc. $IOVA

Key Points

• Invenomic Capital Management LP invested approximately $18.28 million in Iovance Biotherapeutics, acquiring 5,489,799 shares, which represents 1.64% ownership of the company.
• Several other institutional investors also increased their stakes in Iovance Biotherapeutics, with over 77% of the stock currently held by institutional investors and hedge funds.
• The company's recent earnings report revealed a loss of ($0.33) earnings per share, falling short of the consensus estimate and resulting in a negative net margin of 161.44%.

Invenomic Capital Management LP bought a new stake in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,489,799 shares of the biotechnology company's stock, valued at approximately $18,281,000. Invenomic Capital Management LP owned about 1.64% of Iovance Biotherapeutics at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in IOVA. Long Focus Capital Management LLC grew its position in shares of Iovance Biotherapeutics by 80.2% during the 1st quarter. Long Focus Capital Management LLC now owns 9,250,055 shares of the biotechnology company's stock worth $30,803,000 after purchasing an additional 4,118,055 shares in the last quarter. Man Group plc bought a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at $17,871,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Iovance Biotherapeutics during the 1st quarter valued at $4,191,000. Principal Financial Group Inc. lifted its position in shares of Iovance Biotherapeutics by 28.7% during the 1st quarter. Principal Financial Group Inc. now owns 4,694,122 shares of the biotechnology company's stock valued at $15,631,000 after acquiring an additional 1,047,335 shares during the period. Finally, 683 Capital Management LLC lifted its position in shares of Iovance Biotherapeutics by 69.5% during the 1st quarter. 683 Capital Management LLC now owns 2,400,000 shares of the biotechnology company's stock valued at $7,992,000 after acquiring an additional 983,986 shares during the period. Institutional investors and hedge funds own 77.03% of the company's stock.

Iovance Biotherapeutics Trading Down 0.6%

IOVA traded down $0.02 on Wednesday, reaching $2.36. The stock had a trading volume of 5,064,954 shares, compared to its average volume of 13,528,361. The company has a market capitalization of $852.16 million, a price-to-earnings ratio of -1.91 and a beta of 0.82. Iovance Biotherapeutics, Inc. has a fifty-two week low of $1.64 and a fifty-two week high of $12.51. The firm has a 50-day moving average of $2.41 and a 200-day moving average of $2.72.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last posted its earnings results on Thursday, August 7th. The biotechnology company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.04). The firm had revenue of $59.95 million during the quarter, compared to the consensus estimate of $67.14 million. Iovance Biotherapeutics had a negative net margin of 161.44% and a negative return on equity of 52.87%. Iovance Biotherapeutics has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on IOVA shares. The Goldman Sachs Group downgraded shares of Iovance Biotherapeutics from a "neutral" rating to a "sell" rating in a report on Tuesday, July 15th. UBS Group cut Iovance Biotherapeutics from a "buy" rating to a "neutral" rating and cut their target price for the stock from $17.00 to $2.00 in a research note on Friday, May 16th. Wells Fargo & Company cut their target price on Iovance Biotherapeutics from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. HC Wainwright restated a "buy" rating and set a $20.00 target price on shares of Iovance Biotherapeutics in a research note on Tuesday, August 19th. Finally, Zacks Research upgraded Iovance Biotherapeutics to a "hold" rating in a research report on Tuesday, August 12th. Six analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $11.90.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.