Renaissance Technologies LLC Makes New $7.75 Million Investment in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Renaissance Technologies LLC acquired a new position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Rating) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 808,600 shares of the biotechnology company’s stock, valued at approximately $7,746,000. Renaissance Technologies LLC owned about 0.51% of Iovance Biotherapeutics at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in Iovance Biotherapeutics by 71.9% during the 2nd quarter. State Street Corp now owns 11,770,751 shares of the biotechnology company’s stock valued at $129,949,000 after acquiring an additional 4,925,025 shares during the period. Wellington Management Group LLP boosted its holdings in Iovance Biotherapeutics by 17.8% during the 1st quarter. Wellington Management Group LLP now owns 11,288,726 shares of the biotechnology company’s stock valued at $187,957,000 after acquiring an additional 1,704,644 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Iovance Biotherapeutics by 255.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,952,346 shares of the biotechnology company’s stock valued at $21,554,000 after acquiring an additional 1,402,975 shares during the period. Bioimpact Capital LLC purchased a new position in Iovance Biotherapeutics during the 2nd quarter valued at $13,248,000. Finally, Nomura Holdings Inc. purchased a new position in Iovance Biotherapeutics during the 2nd quarter valued at $13,170,000. Institutional investors own 96.78% of the company’s stock.

Insider Buying and Selling at Iovance Biotherapeutics

In related news, Director Merrill A. Mcpeak bought 10,000 shares of the stock in a transaction dated Wednesday, December 21st. The shares were purchased at an average price of $6.15 per share, for a total transaction of $61,500.00. Following the completion of the purchase, the director now directly owns 70,150 shares of the company’s stock, valued at $431,422.50. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 7.60% of the company’s stock.

Iovance Biotherapeutics Stock Performance

Iovance Biotherapeutics stock opened at $6.94 on Thursday. The business’s 50-day simple moving average is $7.05 and its two-hundred day simple moving average is $8.17. The company has a market cap of $1.10 billion, a PE ratio of -2.80 and a beta of 0.24. Iovance Biotherapeutics, Inc. has a fifty-two week low of $5.42 and a fifty-two week high of $18.73.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The biotechnology company reported ($0.64) earnings per share for the quarter, meeting the consensus estimate of ($0.64). During the same period in the previous year, the company posted ($0.63) EPS. As a group, analysts predict that Iovance Biotherapeutics, Inc. will post -2.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Benchmark lowered Iovance Biotherapeutics to a “neutral” rating and decreased their target price for the company from $20.00 to $6.00 in a research report on Friday, December 9th. HC Wainwright reaffirmed a “buy” rating and set a $38.00 target price on shares of Iovance Biotherapeutics in a research report on Wednesday, March 1st. Wells Fargo & Company decreased their target price on Iovance Biotherapeutics from $14.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday. Oppenheimer decreased their target price on Iovance Biotherapeutics from $25.00 to $15.00 and set an “outperform” rating for the company in a research report on Wednesday, March 1st. Finally, Chardan Capital reaffirmed a “buy” rating and set a $29.00 target price on shares of Iovance Biotherapeutics in a research report on Wednesday, March 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.20.

About Iovance Biotherapeutics

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Iovance Biotherapeutics, Inc is a biopharmaceutical company, which engages in the development and commercialization of cell therapies as novel cancer immunotherapy products. Its lead product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients’ tumors.