Allianz Asset Management GmbH Buys Shares of 20,300 Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Allianz Asset Management GmbH purchased a new position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,300 shares of the biotechnology company’s stock, valued at approximately $68,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Grandfield & Dodd LLC lifted its stake in shares of Iovance Biotherapeutics by 63.3% in the 1st quarter. Grandfield & Dodd LLC now owns 90,975 shares of the biotechnology company’s stock worth $303,000 after acquiring an additional 35,260 shares during the period. Gould Asset Management LLC CA acquired a new stake in Iovance Biotherapeutics during the 1st quarter worth about $39,000. Bank of New York Mellon Corp lifted its holdings in shares of Iovance Biotherapeutics by 6.0% in 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 purchasing an additional 52,376 shares in the last quarter. Avantax Planning Partners Inc. lifted its position in shares of Iovance Biotherapeutics by 28.7% in the first quarter. Avantax Planning Partners Inc. now owns 29,600 shares of the biotechnology company’s stock worth $99,000 after purchasing an additional 6,600 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of 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 acquiring an additional 1,047,335 shares in the last quarter. 77.03% of the stock is currently owned by institutional investors.

Iovance Biotherapeutics Stock Up 5.6%

NASDAQ:IOVA opened at $2.83 on Tuesday. Iovance Biotherapeutics, Inc. has a 12-month low of $1.64 and a 12-month high of $12.51. The firm has a market capitalization of $945.02 million, a P/E ratio of -2.28 and a beta of 0.88. The stock’s fifty day simple moving average is $2.16 and its 200-day simple moving average is $3.32.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share 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 firm had revenue of $49.32 million for the quarter, compared to the consensus estimate of $83.40 million. During the same period in the prior year, the business earned ($0.42) earnings per share. The company’s revenue for the quarter was up 6795.1% compared to the same quarter last year. As a group, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have commented on IOVA shares. HC Wainwright lowered their target price on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. UBS Group lowered Iovance Biotherapeutics from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $17.00 to $2.00 in a report on Friday, May 16th. Baird R W cut shares of Iovance Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 9th. The Goldman Sachs Group cut shares of Iovance Biotherapeutics from a “neutral” rating to a “sell” rating in a research note on Tuesday, July 15th. Finally, Truist Financial cut shares of Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Monday, May 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Iovance Biotherapeutics currently has an average rating of “Hold” and a consensus price target of $12.22.

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.