Norges Bank Invests $3.08 Million in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Norges Bank acquired a new stake in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 416,237 shares of the biotechnology company's stock, valued at approximately $3,080,000. Norges Bank owned approximately 0.14% of Iovance Biotherapeutics at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Iovance Biotherapeutics by 16.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,684 shares of the biotechnology company's stock worth $227,000 after buying an additional 4,192 shares during the last quarter. Prudential Financial Inc. grew its holdings in Iovance Biotherapeutics by 83.8% in the fourth quarter. Prudential Financial Inc. now owns 31,700 shares of the biotechnology company's stock worth $235,000 after purchasing an additional 14,452 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Iovance Biotherapeutics by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 27,534,340 shares of the biotechnology company's stock worth $203,754,000 after purchasing an additional 220,373 shares in the last quarter. LPL Financial LLC boosted its position in shares of Iovance Biotherapeutics by 2.6% in the 4th quarter. LPL Financial LLC now owns 250,707 shares of the biotechnology company's stock worth $1,855,000 after purchasing an additional 6,252 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Iovance Biotherapeutics in the 4th quarter worth $301,000. 77.03% of the stock is currently owned by institutional investors.

Iovance Biotherapeutics Stock Performance

Shares of IOVA stock traded down $0.16 during trading hours on Wednesday, reaching $3.08. The company had a trading volume of 863,924 shares, compared to its average volume of 7,391,231. The stock has a fifty day moving average of $4.10 and a 200-day moving average of $6.92. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -2.06 and a beta of 1.05. Iovance Biotherapeutics, Inc. has a 12-month low of $2.70 and a 12-month high of $14.23.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate of ($0.26). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The firm had revenue of $73.69 million for the quarter, compared to analysts' expectations of $72.17 million. On average, analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on IOVA. Truist Financial cut their price objective on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. Barclays reduced their target price on Iovance Biotherapeutics from $22.00 to $5.00 and set an "overweight" rating for the company in a research note on Monday. The Goldman Sachs Group cut their price objective on Iovance Biotherapeutics from $22.00 to $19.00 and set a "buy" rating on the stock in a report on Monday, March 3rd. HC Wainwright reiterated a "buy" rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Friday, February 28th. Finally, Robert W. Baird dropped their price objective on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.56.

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.