In this article, we will discuss the 5 best biotech stocks to buy according to Joseph Edelman’s Perceptive Advisors based on Q2 holdings of the fund. If you want to read our detailed analysis of Edelman’s history, investment philosophy, and hedge fund performance, go directly to the 10 Best Biotech Stocks to Buy According to Joseph Edelman’s Perceptive Advisors.
5. Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)
Edelman’s Stake Value: $285,173,000
Percentage of Joseph Edelman’s 13F Portfolio: 3.7%
Number of Hedge Fund Holders: 30
Founded in 2007, Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) is a biotechnology company advancing T cell-based immunotherapies for patients with blood cancer and tumors. The company is ranked fifth on our list of the 10 best biotech stocks to buy according to Joseph Edelman’s Perceptive Advisors.
13F filings show that Perceptive Advisors owned 10.95 million shares in Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) at the end of the second quarter of 2021, worth over $285 million. Out of the hedge funds being tracked by Insider Monkey, ARK Investment Management is the leading investor in Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) with a stake worth $480.1 million, representing 0.89% of the portfolio.
On June 10, JMP Securities upgraded Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) to Outperform from Market Perform with a price target of $32.
In its Q2 2021 investor letter, investment management firm Artisan Partners shared its views on Iovance Biotherapeutics, Inc. (NASDAQ: IOVA). Here’s what the fund said:
“Iovance is the leader in tumor infiltrating lymphocyte (TIL) development and manufacturing. A TIL is a type of immune cell capable of recognizing and killing cancer cells. In cancer therapy, tumor-infiltrating lymphocytes are removed from a patient’s tumor, grown in large numbers in a laboratory and then given back to the patient to help the immune system fight the disease. Iovance’s manufacturing process is efficient, reliable and scalable which enables commercialization of this therapy.
Iovance’s first commercial drug to treat metastatic melanoma, Lifileucel, is experiencing difficulty gaining FDA approval. Iovance is working with the FDA to develop new methods to meet the agency’s manufacturing requirements. Unfortunately, the company’s CEO resigned in mid-May, prompting some analysts on the Street to question how far off the company and FDA are in reaching alignment. The company is expected to meet with the FDA later this year, though the FDA has been strained by the pandemic and an approval for Lifileucel has likely been pushed into 2022. Given the strong data around Lifileucel’s efficacy, we believe the drug is de-risked, and we are remaining patient.”