Hennion & Walsh Asset Management Inc. Increases Stake in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Hennion & Walsh Asset Management Inc. raised its holdings in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 42.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 407,429 shares of the biotechnology company’s stock after buying an additional 121,395 shares during the period. Hennion & Walsh Asset Management Inc. owned about 0.15% of Iovance Biotherapeutics worth $6,038,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of IOVA. Vanguard Group Inc. raised its holdings in Iovance Biotherapeutics by 3.0% during 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 last quarter. Chicago Partners Investment Group LLC increased its holdings in Iovance Biotherapeutics by 15.0% during the 4th quarter. Chicago Partners Investment Group LLC now owns 20,559 shares of the biotechnology company’s stock valued at $157,000 after purchasing an additional 2,688 shares during the period. Opaleye Management Inc. lifted its holdings in Iovance Biotherapeutics by 47.0% in the 4th quarter. Opaleye Management Inc. now owns 897,000 shares of the biotechnology company’s stock worth $7,293,000 after buying an additional 287,000 shares during the period. Invenomic Capital Management LP bought a new stake in shares of Iovance Biotherapeutics in the 4th quarter worth approximately $8,563,000. Finally, Pale Fire Capital SE boosted its holdings in Iovance Biotherapeutics by 12.7% in the fourth quarter. Pale Fire Capital SE now owns 17,024 shares of the biotechnology company’s stock valued at $138,000 after acquiring an additional 1,924 shares in the last quarter. 77.03% of the stock is owned by institutional investors.

Iovance Biotherapeutics Price Performance

Iovance Biotherapeutics stock traded up $0.01 during midday trading on Friday, reaching $8.02. 20,652,193 shares of the stock traded hands, compared to its average volume of 7,276,264. Iovance Biotherapeutics, Inc. has a 12 month low of $3.21 and a 12 month high of $18.33. The stock’s fifty day moving average is $10.02 and its 200-day moving average is $10.79.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.03. The company had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $1.99 million. Iovance Biotherapeutics had a negative return on equity of 71.45% and a negative net margin of 23,615.70%. The firm’s revenue for the quarter was up 71400.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.50) earnings per share. On average, research analysts expect that Iovance Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Wells Fargo & Company raised their price objective on Iovance Biotherapeutics from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. Piper Sandler raised their price objective on Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, March 14th. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a report on Friday. Finally, JMP Securities reduced their price target on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating for the company in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating and ten have given a buy rating to the stock. According to data from MarketBeat, Iovance Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $24.45.

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.