Pier 88 Investment Partners LLC Increases Stake in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Pier 88 Investment Partners LLC boosted its holdings in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 155.8% during the second quarter, Holdings Channel.com reports. The firm owned 58,580 shares of the biotechnology company’s stock after acquiring an additional 35,680 shares during the period. Pier 88 Investment Partners LLC’s holdings in Iovance Biotherapeutics were worth $470,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. grew its holdings in Iovance Biotherapeutics by 33.9% during the 1st quarter. Sei Investments Co. now owns 333,148 shares of the biotechnology company’s stock valued at $4,937,000 after purchasing an additional 84,382 shares during the last quarter. Vanguard Group Inc. boosted its position in Iovance Biotherapeutics by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 22,812,820 shares of the biotechnology company’s stock valued at $185,468,000 after buying an additional 669,350 shares during the period. Oppenheimer & Co. Inc. purchased a new stake in Iovance Biotherapeutics in the 1st quarter valued at about $246,000. UBS Group AG grew its stake in Iovance Biotherapeutics by 255.2% in the 4th quarter. UBS Group AG now owns 857,308 shares of the biotechnology company’s stock worth $6,970,000 after acquiring an additional 615,920 shares in the last quarter. Finally, Opaleye Management Inc. increased its position in shares of Iovance Biotherapeutics by 47.0% during the fourth quarter. Opaleye Management Inc. now owns 897,000 shares of the biotechnology company’s stock worth $7,293,000 after acquiring an additional 287,000 shares during the period. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Stock Down 4.3 %

NASDAQ IOVA opened at $10.01 on Friday. Iovance Biotherapeutics, Inc. has a 52 week low of $3.21 and a 52 week high of $18.33. The company has a 50 day moving average price of $9.40 and a 200 day moving average price of $11.16. The firm has a market cap of $2.80 billion, a PE ratio of -5.56 and a beta of 0.63.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.01. The business had revenue of $31.11 million for the quarter, compared to the consensus estimate of $24.59 million. Iovance Biotherapeutics had a negative return on equity of 65.04% and a negative net margin of 1,343.27%. The business’s quarterly revenue was up 12969.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.47) earnings per share. On average, equities research analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IOVA has been the topic of several research analyst reports. Piper Sandler cut Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $10.00 in a research note on Monday, July 29th. StockNews.com raised Iovance Biotherapeutics to a “sell” rating in a research report on Monday, August 12th. HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Monday, August 12th. Finally, JMP Securities dropped their target price on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.00.

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.