Victory Capital Management Inc. Decreases Stock Holdings in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Key Points

• Victory Capital Management Inc. has significantly reduced its stake in Iovance Biotherapeutics by 77.3%, owning only 32,051 shares after selling 109,429 shares in the first quarter.
• Iovance Biotherapeutics reported a loss of ($0.36) earnings per share for the quarter, missing estimates and showing a drastic year-over-year revenue increase of 6795.1%.
• Analysts have mixed ratings on Iovance Biotherapeutics, with a consensus rating of "Hold" and an average price target of $12.22, as several firms have downgraded their assessments recently.

Victory Capital Management Inc. reduced its holdings in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) by 77.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,051 shares of the biotechnology company's stock after selling 109,429 shares during the quarter. Victory Capital Management Inc.'s holdings in Iovance Biotherapeutics were worth $107,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Gould Asset Management LLC CA purchased a new stake in Iovance Biotherapeutics during the first quarter worth approximately $39,000. Bank of New York Mellon Corp grew its stake in 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 worth $3,058,000 after buying an additional 52,376 shares during the period. Avantax Planning Partners Inc. grew its stake in Iovance Biotherapeutics by 28.7% during the first quarter. Avantax Planning Partners Inc. now owns 29,600 shares of the biotechnology company's stock worth $99,000 after buying an additional 6,600 shares during the period. Principal Financial Group Inc. grew its stake in Iovance Biotherapeutics by 28.7% during the first quarter. Principal Financial Group Inc. now owns 4,694,122 shares of the biotechnology company's stock worth $15,631,000 after buying an additional 1,047,335 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its stake in Iovance Biotherapeutics by 12.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 45,877 shares of the biotechnology company's stock worth $153,000 after buying an additional 5,237 shares during the period. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IOVA has been the topic of a number of recent research reports. Baird R W cut shares of Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 9th. Chardan Capital reissued a "buy" rating and set a $25.00 target price on shares of Iovance Biotherapeutics in a research report on Wednesday, July 23rd. Citizens Jmp cut shares of Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a research report on Friday, May 9th. Mizuho reduced their target price on shares of Iovance Biotherapeutics from $30.00 to $10.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. Finally, The Goldman Sachs Group cut shares of Iovance Biotherapeutics from a "neutral" rating to a "sell" rating in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $12.22.

Iovance Biotherapeutics Price Performance

IOVA opened at $2.68 on Monday. The stock has a market capitalization of $894.93 million, a PE ratio of -2.16 and a beta of 0.88. The firm's fifty day moving average price is $2.14 and its 200 day moving average price is $3.34. 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 posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.11). The company had revenue of $49.32 million during the quarter, compared to analyst estimates of $83.40 million. Iovance Biotherapeutics had a negative net margin of 176.49% and a negative return on equity of 49.71%. The company's revenue was up 6795.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.42) earnings per share. On average, equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Iovance Biotherapeutics 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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