Principal Financial Group Inc. Boosts Holdings in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Principal Financial Group Inc. grew its holdings in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 59.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,033,184 shares of the biotechnology company’s stock after buying an additional 1,496,941 shares during the quarter. Principal Financial Group Inc.’s holdings in Iovance Biotherapeutics were worth $37,872,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of IOVA. Quest Partners LLC raised its holdings in shares of Iovance Biotherapeutics by 1,237.7% in the second quarter. Quest Partners LLC now owns 5,003 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 4,629 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Iovance Biotherapeutics during the 2nd quarter worth about $58,000. Daiwa Securities Group Inc. lifted its stake in Iovance Biotherapeutics by 754.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,813 shares of the biotechnology company’s stock valued at $71,000 after acquiring an additional 7,781 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of Iovance Biotherapeutics in the third quarter worth about $89,000. Finally, Abacus Planning Group Inc. purchased a new position in Iovance Biotherapeutics in the second quarter valued at $82,000. Hedge funds and other institutional investors own 77.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. UBS Group began coverage on Iovance Biotherapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.33.

Insider Activity

In other news, Director Ryan D. Maynard sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $10.06, for a total value of $503,000.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at approximately $75,450. The trade was a 86.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 12.10% of the company’s stock.

Iovance Biotherapeutics Stock Performance

Shares of IOVA opened at $7.46 on Tuesday. The stock has a market capitalization of $2.27 billion, a PE ratio of -5.01 and a beta of 0.55. The stock has a 50-day simple moving average of $9.36 and a 200-day simple moving average of $9.31. Iovance Biotherapeutics, Inc. has a 1 year low of $6.70 and a 1 year high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. The firm had revenue of $58.56 million during the quarter, compared to the consensus estimate of $53.54 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. During the same period in the prior year, the company posted ($0.46) earnings per share. Analysts predict that Iovance Biotherapeutics, Inc. will post -1.23 EPS for the current year.

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.