Zimmer Partners LP Cuts Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Zimmer Partners LP trimmed its position in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 91.2% during the first quarter, Holdings Channel reports. The firm owned 43,500 shares of the biotechnology company’s stock after selling 451,500 shares during the quarter. Zimmer Partners LP’s holdings in Iovance Biotherapeutics were worth $645,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Quadrant Capital Group LLC increased its position in shares of Iovance Biotherapeutics by 1,227.8% during the fourth quarter. Quadrant Capital Group LLC now owns 5,059 shares of the biotechnology company’s stock worth $41,000 after acquiring an additional 4,678 shares during the period. Nisa Investment Advisors LLC raised its position in Iovance Biotherapeutics by 284.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,541 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 5,577 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Iovance Biotherapeutics by 256.6% in the 4th quarter. Signaturefd LLC now owns 8,723 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 6,277 shares during the period. Fidelis Capital Partners LLC purchased a new position in shares of Iovance Biotherapeutics in the 1st quarter valued at about $87,000. Finally, Dumont & Blake Investment Advisors LLC acquired a new position in shares of Iovance Biotherapeutics during the fourth quarter worth about $93,000. 77.03% of the stock is owned by institutional investors and hedge funds.

Iovance Biotherapeutics Stock Performance

NASDAQ IOVA traded down $0.57 on Thursday, reaching $8.16. The stock had a trading volume of 7,363,607 shares, compared to its average volume of 7,695,599. The stock has a market cap of $2.28 billion, a P/E ratio of -4.71 and a beta of 0.63. Iovance Biotherapeutics, Inc. has a 12-month low of $3.21 and a 12-month high of $18.33. The business’s 50-day moving average price is $8.46 and its 200 day moving average price is $10.83.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.03. Iovance Biotherapeutics had a negative net margin of 23,615.70% and a negative return on equity of 71.45%. The firm had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.99 million. During the same quarter in the prior year, the firm earned ($0.50) EPS. Iovance Biotherapeutics’s revenue for the quarter was up 71400.0% on a year-over-year basis. On average, sell-side analysts predict that Iovance Biotherapeutics, Inc. will post -1.39 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on IOVA shares. Piper Sandler downgraded shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $19.00 to $10.00 in a research note on Monday. StockNews.com raised Iovance Biotherapeutics to a “sell” rating in a report on Friday, July 12th. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a report on Friday, June 28th. Finally, JMP Securities dropped their price objective 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. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Iovance Biotherapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.64.

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.