Bank of New York Mellon Corp lifted its position in shares of Iovance Biotherapeutics Inc (NASDAQ:IOVA) by 34.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 477,565 shares of the biotechnology company’s stock after acquiring an additional 122,731 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.39% of Iovance Biotherapeutics worth $4,227,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its stake in shares of Iovance Biotherapeutics by 91.4% in the third quarter. Wells Fargo & Company MN now owns 158,458 shares of the biotechnology company’s stock valued at $1,783,000 after purchasing an additional 75,671 shares during the period. BlackRock Inc. increased its holdings in shares of Iovance Biotherapeutics by 5.7% in the 3rd quarter. BlackRock Inc. now owns 6,653,978 shares of the biotechnology company’s stock valued at $74,858,000 after acquiring an additional 357,287 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of Iovance Biotherapeutics in the 3rd quarter valued at $344,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Iovance Biotherapeutics in the 3rd quarter valued at $601,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Iovance Biotherapeutics in the 3rd quarter valued at $282,000. Institutional investors own 96.90% of the company’s stock.
A number of equities analysts recently weighed in on the stock. Piper Jaffray Companies started coverage on shares of Iovance Biotherapeutics in a research report on Monday, April 29th. They issued an “overweight” rating and a $20.00 price objective on the stock. Chardan Capital reissued a “buy” rating on shares of Iovance Biotherapeutics in a research note on Tuesday, April 23rd. B. Riley reaffirmed a “buy” rating on shares of Iovance Biotherapeutics in a research note on Friday, April 5th. BidaskClub raised shares of Iovance Biotherapeutics from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Finally, ValuEngine raised shares of Iovance Biotherapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $22.50.
Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01). On average, analysts expect that Iovance Biotherapeutics Inc will post -1.18 EPS for the current year.
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Iovance Biotherapeutics Profile
Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. The company's lead product candidate is lifileucel, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors for the treatment of metastatic melanoma.
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