Ameriprise Financial Inc. Sells 494,986 Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Ameriprise Financial Inc. decreased its holdings in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 88.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 62,548 shares of the biotechnology company's stock after selling 494,986 shares during the quarter. Ameriprise Financial Inc.'s holdings in Iovance Biotherapeutics were worth $463,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. AlphaQuest LLC boosted its stake in Iovance Biotherapeutics by 63.6% in the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company's stock worth $34,000 after purchasing an additional 1,794 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at $36,000. One68 Global Capital LLC acquired a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at $74,000. Quarry LP acquired a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at $74,000. Finally, Integrity Wealth Advisors Inc. acquired a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at $77,000. Institutional investors and hedge funds own 77.03% of the company's stock.

Iovance Biotherapeutics Stock Performance

Iovance Biotherapeutics stock traded up $0.25 during trading hours on Friday, hitting $2.05. 20,557,364 shares of the stock were exchanged, compared to its average volume of 8,765,970. The stock has a market capitalization of $684.56 million, a P/E ratio of -1.38 and a beta of 0.86. Iovance Biotherapeutics, Inc. has a 12 month low of $1.64 and a 12 month high of $12.51. The business's 50-day moving average is $2.64 and its two-hundred day moving average is $4.93.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.11). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The company had revenue of $49.32 million for the quarter, compared to the consensus estimate of $83.40 million. During the same period last year, the company earned ($0.42) earnings per share. Iovance Biotherapeutics's revenue for the quarter was up 6795.1% compared to the same quarter last year. On average, equities analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on IOVA shares. Piper Sandler decreased their target price on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a "neutral" rating for the company in a research note on Friday, February 28th. Mizuho reduced their price objective on shares of Iovance Biotherapeutics from $30.00 to $10.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. Barclays reduced their price objective on shares of Iovance Biotherapeutics from $5.00 to $4.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. JMP Securities reaffirmed a "market perform" rating on shares of Iovance Biotherapeutics in a research note on Friday, May 9th. Finally, Chardan Capital reduced their price objective on shares of Iovance Biotherapeutics from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $13.30.

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.