Squarepoint Ops LLC Reduces Stock Position in Iovance Biotherapeutics, Inc. $IOVA

Key Points

• Squarepoint Ops LLC cut its Iovance Biotherapeutics stake by 68.5% in the second quarter, selling 706,586 shares and retaining 325,582 shares worth approximately $1.35 million.
• Other institutions, including BlackRock, Palo Alto Investors, and Bank of America, established new positions; institutional investors collectively own 77.03% of Iovance’s stock.
• Analyst views remain mixed, with a consensus rating of Hold and an average price target of $8.89. Iovance recently exceeded quarterly revenue and EPS expectations, reporting $99.31 million in revenue and a loss of $0.11 per share.

Squarepoint Ops LLC lessened its stake in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 68.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 325,582 shares of the biotechnology company's stock after selling 706,586 shares during the quarter. Squarepoint Ops LLC owned about 0.07% of Iovance Biotherapeutics worth $1,354,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Iovance Biotherapeutics during the second quarter worth $153,744,000. Palo Alto Investors LP acquired a new stake in shares of Iovance Biotherapeutics in the 2nd quarter worth $22,032,229. Bank of America Corp DE acquired a new stake in shares of Iovance Biotherapeutics in the 2nd quarter worth $20,773,000. Knott David M Jr purchased a new position in shares of Iovance Biotherapeutics during the 1st quarter worth $5,616,000. Finally, Rice Hall James & Associates LLC purchased a new position in shares of Iovance Biotherapeutics during the 2nd quarter worth $6,406,000. Hedge funds and other institutional investors own 77.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Iovance Biotherapeutics in a research report on Thursday, July 2nd. Robert W. Baird set a $6.00 price objective on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. Barclays lifted their target price on shares of Iovance Biotherapeutics from $11.00 to $13.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Citizens Jmp boosted their target price on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the company a "market outperform" rating in a report on Friday, August 7th. Finally, UBS Group increased their price target on shares of Iovance Biotherapeutics from $4.00 to $7.00 and gave the company a "neutral" rating in a research note on Thursday, August 20th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $8.89.

Iovance Biotherapeutics Stock Performance

Iovance Biotherapeutics stock opened at $9.87 on Thursday. The company has a market capitalization of $4.47 billion, a PE ratio of -13.52 and a beta of 0.83. Iovance Biotherapeutics, Inc. has a fifty-two week low of $1.76 and a fifty-two week high of $9.93. The firm has a 50 day moving average price of $6.65 and a 200 day moving average price of $4.86.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. Iovance Biotherapeutics had a negative return on equity of 40.51% and a negative net margin of 89.11%.The business had revenue of $99.31 million during the quarter, compared to analyst estimates of $87.83 million. During the same period last year, the business posted ($0.33) earnings per share. The company's quarterly revenue was up 65.7% on a year-over-year basis. As a group, equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -0.49 earnings per share for the current year.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. Its platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient's tumor, expanded in a manufacturing facility and returned to the patient to help recognize and attack cancer cells.

The company's lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.

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