Squarepoint Ops LLC Takes $2.07 Million Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Squarepoint Ops LLC purchased a new position in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 257,543 shares of the biotechnology company’s stock, valued at approximately $2,065,000. Squarepoint Ops LLC owned approximately 0.09% of Iovance Biotherapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Marshall Wace LLP purchased a new stake in shares of Iovance Biotherapeutics in the second quarter valued at about $12,929,000. Xponance Inc. lifted its position in shares of Iovance Biotherapeutics by 13.0% during the 2nd quarter. Xponance Inc. now owns 16,279 shares of the biotechnology company’s stock worth $131,000 after buying an additional 1,873 shares in the last quarter. Magnetar Financial LLC purchased a new position in shares of Iovance Biotherapeutics in the 2nd quarter worth approximately $661,000. Hood River Capital Management LLC grew its holdings in shares of Iovance Biotherapeutics by 4.1% in the second quarter. Hood River Capital Management LLC now owns 2,732,427 shares of the biotechnology company’s stock valued at $21,914,000 after acquiring an additional 108,189 shares in the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new stake in shares of Iovance Biotherapeutics during the second quarter valued at approximately $58,000. 77.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Iovance Biotherapeutics Stock Performance

Iovance Biotherapeutics stock opened at $9.76 on Friday. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -5.42 and a beta of 0.63. The firm has a 50 day simple moving average of $9.95 and a 200 day simple moving average of $10.37. Iovance Biotherapeutics, Inc. has a 1-year low of $3.21 and a 1-year high of $18.33.

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

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.