Iovance Biotherapeutics Inc nasdaq Iova Shares Fall Amidst Citigroup Inc's Reduced Stake

Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) Shares Fall Amidst Citigroup Inc.’s Reduced Stake

Shares of Iovance Biotherapeutics (IOVA) experienced a decline of -1.82% following news of Citigroup Inc. reducing its holdings in the company by 8.9% during the fourth quarter.

According to recent regulatory filings with the Securities and Exchange Commission, Citigroup sold 50,824 shares of IOVA stock, resulting in a decrease in ownership by approximately 0.33%. The total value of the sold shares amounted to $3,319,000.

Iovance Biotherapeutics, a biotechnology company, made headlines on May 9th with its earnings report for the quarter. Surprisingly, the company announced earnings per share of ($0.50), surpassing analysts’ estimates by $0.34. This loss was not as significant as anticipated, which positively impacted the stock.

Looking ahead, analysts expect a negative trend for IOVA stock in the current year. They project earnings per share (EPS) of -2.55 for FY2023.

On a positive note, Iovance Biotherapeutics has attracted the attention of multiple major investors. Lazard Asset Management LLC increased its holdings in the company by 38.5% during the first quarter, purchasing an additional 934 IOVA shares.

Furthermore, Baird Financial Group Inc., Mitsubishi UFJ Kokusai Asset Management Co. Ltd., Arizona State Retirement System, and Macquarie Group Ltd. have also increased their holdings in the biotechnology company’s stock. Currently, institutional investors hold approximately 96.78% of Iovance Biotherapeutics stock.

As of press time, IOVA shares are trading at the price of $7.55, down -1.82% compared to the previous session with a trading volume of 5,254,966 shares. The company’s shares opened at $7.99 on Friday, with a market capitalization of $1.71 billion, a price-to-earnings ratio of -3.33, and a beta of 0.16.