5 Stocks With Heavy Insider Buying In 2024

4. Iovance Biotherapeutics, Inc (NASDAQ:IOVA)

Number of Hedge Fund Investors: 34

Wayne Rothbaum is a board member at California-based Iovance Biotherapeutics, Inc (NASDAQ:IOVA). Rothbaum on February 20 purchased 5,000,000 shares of Iovance Biotherapeutics, Inc (NASDAQ:IOVA) at $9.15 per share. On February 20 the stock was trading at $12.03 while as of market close on February 27 the stock price was trading at $17.47. This shows a stock gain of about 45%. The stock jumped after the FDA gave an accelerated approval for the company’s T-cell immunotherapy lifileucel, also known as Amtagvi, in the treatment of advanced melanoma. Iovance Biotherapeutics, Inc (NASDAQ:IOVA) said it was conducting a Phase 3 confirmatory trial called TILVANCE-301 to confirm clinical benefit.

Aristotle Large Cap Growth Strategy made the following comment about Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) in its Q3 2023 investor letter:

“We sold Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) following uncertainty which arose from the company canceling out of two investor events. Iovance is in the late stages of FDA review on their lead candidate Lifileucel in advanced melanoma. These cancellations could stem from issues with site inspections which tend to take place later in the review cycle. The company has not commented on why it canceled these investor events, and we do not think this bodes well for the prospects of a straightforward approval with a clean, positive label for the company.”