TD Asset Management Inc Sells 171,200 Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Key Points

• TD Asset Management Inc sold 171,200 shares of Iovance Biotherapeutics, reducing its holdings by 55%, resulting in ownership of 139,878 shares valued at $466,000.
• Iovance Biotherapeutics reported a Q1 earnings miss with an EPS of ($0.36), falling short of analysts' expectations of ($0.25), and a revenue of $49.32 million against expectations of $83.40 million.
• In recent ratings changes, several firms downgraded Iovance’s stock, including Mizuho, which lowered its price target from $30.00 to $10.00, indicating a shift in outlook for the company.

TD Asset Management Inc lowered its holdings in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 55.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 139,878 shares of the biotechnology company's stock after selling 171,200 shares during the period. TD Asset Management Inc's holdings in Iovance Biotherapeutics were worth $466,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Northern Trust Corp raised its stake in shares of Iovance Biotherapeutics by 7.4% during the fourth quarter. Northern Trust Corp now owns 2,414,807 shares of the biotechnology company's stock valued at $17,870,000 after acquiring an additional 166,231 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Iovance Biotherapeutics by 0.8% during the fourth quarter. Wells Fargo & Company MN now owns 580,245 shares of the biotechnology company's stock valued at $4,294,000 after acquiring an additional 4,401 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Iovance Biotherapeutics by 7.3% during the fourth quarter. California State Teachers Retirement System now owns 203,241 shares of the biotechnology company's stock valued at $1,504,000 after acquiring an additional 13,774 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Iovance Biotherapeutics by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 918,210 shares of the biotechnology company's stock valued at $3,058,000 after acquiring an additional 52,376 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of Iovance Biotherapeutics by 104.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 31,514 shares of the biotechnology company's stock valued at $233,000 after acquiring an additional 16,113 shares during the last quarter. Institutional investors own 77.03% of the company's stock.

Iovance Biotherapeutics Stock Performance

Shares of IOVA stock opened at $2.83 on Tuesday. The firm has a market cap of $945.02 million, a price-to-earnings ratio of -2.28 and a beta of 0.88. Iovance Biotherapeutics, Inc. has a 52 week low of $1.64 and a 52 week high of $12.51. The firm's 50-day simple moving average is $2.16 and its two-hundred day simple moving average is $3.32.

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 analysts' consensus estimates of ($0.25) by ($0.11). Iovance Biotherapeutics had a negative return on equity of 49.71% and a negative net margin of 176.49%. The company had revenue of $49.32 million during the quarter, compared to analysts' expectations of $83.40 million. During the same period in the prior year, the firm earned ($0.42) EPS. Iovance Biotherapeutics's quarterly revenue was up 6795.1% on a year-over-year basis. Analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on IOVA. Baird R W downgraded shares of Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 9th. Mizuho dropped their price target 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. Citizens Jmp downgraded shares of Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a research note on Friday, May 9th. JMP Securities reissued a "market perform" rating on shares of Iovance Biotherapeutics in a research note on Friday, May 9th. Finally, UBS Group downgraded shares of Iovance Biotherapeutics from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $17.00 to $2.00 in a research note on Friday, May 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $12.22.

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.

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