T. Rowe Price Investment Management Inc. Sells 3,904,436 Shares of Iovance Biotherapeutics, Inc. $IOVA

Key Points

• T. Rowe Price Investment Management Inc. significantly reduced its stake in Iovance Biotherapeutics by 66.9%, selling over 3.9 million shares and retaining approximately 1.93 million shares.
• Iovance Biotherapeutics reported a loss of ($0.33) earnings per share for the recent quarter, missing expectations, with a revenue of $59.95 million compared to an analyst estimate of $67.14 million.
• Analyst ratings for Iovance Biotherapeutics reflect a consensus of "Hold," with an average price target of $11.90 based on various research reports.

T. Rowe Price Investment Management Inc. lessened its stake in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 66.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,930,020 shares of the biotechnology company's stock after selling 3,904,436 shares during the period. T. Rowe Price Investment Management Inc. owned 0.58% of Iovance Biotherapeutics worth $6,427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Baird Financial Group Inc. increased its holdings in Iovance Biotherapeutics by 1.0% in the fourth quarter. Baird Financial Group Inc. now owns 195,845 shares of the biotechnology company's stock worth $1,449,000 after buying an additional 2,000 shares during the last quarter. Algert Global LLC grew its holdings in Iovance Biotherapeutics by 4.3% during the fourth quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company's stock valued at $417,000 after purchasing an additional 2,330 shares during the last quarter. Virtus ETF Advisers LLC grew its holdings in Iovance Biotherapeutics by 12.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 43,927 shares of the biotechnology company's stock valued at $325,000 after purchasing an additional 4,858 shares during the last quarter. Invesco Ltd. grew its holdings in Iovance Biotherapeutics by 2.3% during the fourth quarter. Invesco Ltd. now owns 221,928 shares of the biotechnology company's stock valued at $1,642,000 after purchasing an additional 4,967 shares during the last quarter. Finally, Avantax Advisory Services Inc. grew its holdings in Iovance Biotherapeutics by 39.0% during the first quarter. Avantax Advisory Services Inc. now owns 18,560 shares of the biotechnology company's stock valued at $62,000 after purchasing an additional 5,205 shares during the last quarter. 77.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IOVA has been the topic of several research analyst reports. UBS Group downgraded shares of Iovance Biotherapeutics from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $17.00 to $2.00 in a research note on Friday, May 16th. Mizuho cut their price target on Iovance Biotherapeutics from $30.00 to $10.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Citizens Jmp cut Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a report on Friday, May 9th. Zacks Research raised Iovance Biotherapeutics to a "hold" rating in a report on Tuesday, August 12th. Finally, Truist Financial cut Iovance Biotherapeutics from a "buy" rating to a "hold" rating in a report on Monday, May 12th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $11.90.

Iovance Biotherapeutics Stock Performance

NASDAQ IOVA traded down $0.01 during trading on Friday, hitting $2.23. The stock had a trading volume of 5,347,633 shares, compared to its average volume of 13,700,457. The company has a market capitalization of $805.12 million, a PE ratio of -1.80 and a beta of 0.88. The company's 50-day moving average price is $2.33 and its two-hundred day moving average price is $2.92. Iovance Biotherapeutics, Inc. has a 12 month low of $1.64 and a 12 month high of $12.51.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released 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. As a group, equities analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

About Iovance Biotherapeutics

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.