Seven Eight Capital LP Takes $2.59 Million Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Seven Eight Capital LP acquired a new stake in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 174,402 shares of the biotechnology company’s stock, valued at approximately $2,585,000. Seven Eight Capital LP owned about 0.06% of Iovance Biotherapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Diversified Trust Co grew its holdings in Iovance Biotherapeutics by 12.3% in the 4th quarter. Diversified Trust Co now owns 13,512 shares of the biotechnology company’s stock valued at $110,000 after buying an additional 1,481 shares during the last quarter. Pale Fire Capital SE grew its holdings in Iovance Biotherapeutics by 12.7% in the 4th quarter. Pale Fire Capital SE now owns 17,024 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 1,924 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in Iovance Biotherapeutics by 15.0% in the 4th quarter. Chicago Partners Investment Group LLC now owns 20,559 shares of the biotechnology company’s stock valued at $157,000 after buying an additional 2,688 shares during the last quarter. Raymond James & Associates grew its holdings in Iovance Biotherapeutics by 29.7% in the 4th quarter. Raymond James & Associates now owns 16,910 shares of the biotechnology company’s stock valued at $137,000 after buying an additional 3,868 shares during the last quarter. Finally, Carnegie Capital Asset Management LLC grew its holdings in Iovance Biotherapeutics by 17.1% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 27,400 shares of the biotechnology company’s stock valued at $223,000 after buying an additional 4,000 shares during the last quarter. Institutional investors and hedge funds own 77.03% of the company’s stock.

Iovance Biotherapeutics Price Performance

Shares of Iovance Biotherapeutics stock traded up $0.36 during midday trading on Tuesday, hitting $8.69. 3,949,876 shares of the company were exchanged, compared to its average volume of 7,737,603. The firm has a market cap of $2.43 billion, a P/E ratio of -4.83 and a beta of 0.63. Iovance Biotherapeutics, Inc. has a 52 week low of $3.21 and a 52 week high of $18.33. The firm has a 50 day simple moving average of $8.62 and a 200-day simple moving average of $10.86.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.03. The business had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.99 million. Iovance Biotherapeutics had a negative return on equity of 71.45% and a negative net margin of 23,615.70%. Iovance Biotherapeutics’s revenue was up 71400.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.50) EPS. Equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IOVA. JMP Securities lowered their target price on Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a report on Thursday, June 20th. HC Wainwright reiterated a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Friday, June 28th. Finally, StockNews.com upgraded Iovance Biotherapeutics to a “sell” rating in a research report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.45.

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.