Jupiter Topco LLC Invests $589,000 in Iovance Biotherapeutics, Inc. $IOVA

Key Points

• Jupiter Topco acquired 141,672 Iovance Biotherapeutics shares worth approximately $589,000 during the second quarter. Institutional ownership remains high at 77.03%, with several major firms increasing their positions.
• Iovance reported stronger-than-expected quarterly results, including an adjusted loss of $0.11 per share versus the $0.13 consensus estimate and revenue of $198.63 million, up 65.7% year over year.
• Analyst sentiment is mixed but generally constructive: seven analysts rate the stock Buy, while the average target price is $8.89. IOVA recently opened at $8.79, near its 52-week high of $9.36.

Jupiter Topco LLC acquired a new stake in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 141,672 shares of the biotechnology company's stock, valued at approximately $589,000.

Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in Iovance Biotherapeutics by 161.2% during the first quarter. Royal Bank of Canada now owns 522,887 shares of the biotechnology company's stock worth $1,740,000 after buying an additional 322,680 shares during the period. AQR Capital Management LLC lifted its stake in shares of Iovance Biotherapeutics by 279.0% during the 1st quarter. AQR Capital Management LLC now owns 59,540 shares of the biotechnology company's stock worth $195,000 after purchasing an additional 43,829 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Iovance Biotherapeutics by 30.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,571,902 shares of the biotechnology company's stock worth $18,554,000 after purchasing an additional 1,301,846 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Iovance Biotherapeutics by 202.8% during the first 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 valued at $19,239,000 after purchasing an additional 3,869,617 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Iovance Biotherapeutics by 112.1% in the second quarter. Envestnet Asset Management Inc. now owns 47,466 shares of the biotechnology company's stock valued at $82,000 after purchasing an additional 25,083 shares during the last quarter. 77.03% of the stock is owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Price Performance

IOVA opened at $8.79 on Tuesday. Iovance Biotherapeutics, Inc. has a 52-week low of $1.76 and a 52-week high of $9.36. The company has a market cap of $3.98 billion, a P/E ratio of -12.04 and a beta of 0.83. The firm's 50-day moving average price is $5.99 and its 200-day moving average price is $4.58.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The company had revenue of $198.63 million during the quarter, compared to analysts' expectations of $87.83 million. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. Iovance Biotherapeutics's revenue for the quarter was up 65.7% on a year-over-year basis. During the same period last year, the business earned ($0.33) EPS. On average, research analysts anticipate that Iovance Biotherapeutics, Inc. will post -0.49 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on IOVA. Mizuho increased their price target on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Tuesday, August 18th. Robert W. Baird set a $6.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday, August 7th. TD Cowen increased their target price on shares of Iovance Biotherapeutics from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Monday, August 24th. Barclays raised their target price on shares of Iovance Biotherapeutics from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, Citizens Jmp lifted their price target on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the stock a "market outperform" rating in a report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Iovance Biotherapeutics has an average rating of "Hold" and an average target price of $8.89.

About Iovance Biotherapeutics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.