Key Takeaways
- • Virginia Retirement Systems raised its stakes in Sellas Life Sciences (SLS), Iovance Biotherapeutics (IOVA) and ImmunityBio (IBRX), with combined holdings worth nearly $3 million at quarter-end, according to recent filings cited by Stocktwits.
- • IOVA plunged 36% to $9.56 on Thursday after updated lifileucel lung-cancer data showed a 24.6% response rate in 69 patients, versus 25.6% previously reported in 39 patients.
- • SLS fell nearly 15% Wednesday and a further 2.2% Thursday to $10.16 after its Phase 3 Regal trial reached its 80th event, triggering database lock and final analysis with preliminary topline results expected this quarter.
- • Month-to-date through October, SLS is down 18%, IOVA is down 35% and IBRX has lost 7%, all lagging the SPDR S&P Biotech ETF (XBI), which traded nearly flat.
- • IBRX's Quilt-2.005 readout, a 366-patient trial, is slated for November, with a fourth-quarter FDA submission planned after database lock.
Summary
Virginia Retirement Systems increased its positions in Sellas Life Sciences (SLS), Iovance Biotherapeutics (IOVA) and ImmunityBio (IBRX) entering October, with the three holdings worth nearly $3 million combined at September-end, according to filings reported by Stocktwits. The pension fund's buying did not prevent a difficult month for the three names. Through the most recent data cited, SLS had fallen 18%, IOVA was down 35% and IBRX had lost 7%, all underperforming the SPDR S&P Biotech ETF (XBI), which recovered from earlier weakness to trade nearly flat for the month.
Positioning among other institutions was mixed. According to Fiscal.ai, China Universal and Mirae Asset each raised their IOVA and IBRX holdings by 16%. Raiffeisen cut its IOVA stake by 26% to 280,000 shares, while Leonteq reduced its holding by 60% to 60,000 shares. In SLS, Daiwa nearly exited, cutting its position by 99.9% to 100 shares, and Wyoming reduced its stake by 92% to 1,635 shares. SJS Investment Consulting held steady at 40,000 shares.
IOVA's decline followed updated data for lifileucel in lung cancer. Iovance shares plunged 36% to $9.56 on Thursday after the data showed a 24.6% response rate in 69 patients, compared with 25.6% previously reported in 39 patients, with two responses awaiting confirmation. A retrospectively selected subgroup of 22 patients achieved a 59.1% response rate. Interim CEO Frederick Vogt said that in the enriched subgroup "nearly six in ten patients responded, including two complete responses." Iovance plans to begin enrolling a prospective biomarker-selected cohort in November and targets a 2027 FDA submission for the broader lung-cancer program. Lifileucel is already marketed as Amtagvi for advanced melanoma, and demand for Amtagvi and Proleukin drove the company's September increase in 2026 revenue guidance to $410 million to $420 million from $350 million to $370 million.
SLS shares fell nearly 15% on Wednesday and another 2.2% on Thursday to $10.16 after its Phase 3 Regal leukemia trial reached its 80th event, meaning 80 deaths. The milestone triggers database lock, unblinding and final analysis, with preliminary topline results expected this quarter, according to CEO Angelos Stergiou. Regal is testing Galinpepimut-S (GPS) as maintenance treatment for patients in second complete remission; results have not yet established whether GPS improved overall survival, the primary endpoint.
IBRX's monthly decline came despite the FDA's recent expansion of the Anktiva plus BCG approval to include BCG-unresponsive bladder cancer with papillary-only tumors, broadening its earlier carcinoma in situ indication. The next catalyst is the November readout from Quilt-2.005, a 366-patient trial comparing Anktiva plus BCG with BCG alone in patients who have not previously received BCG. ImmunityBio completed database lock last week and plans a fourth-quarter FDA submission. CNBC's Jim Cramer described ImmunityBio as a "very good spec" earlier in the week, citing biotech takeover activity.
On Stocktwits, IBRX drew "extremely bullish" retail sentiment with "extremely high" message volume, SLS sentiment was "bullish" amid "high" volume, and IOVA drew "bearish" sentiment on "low" activity. Year to date, IBRX has surged 341%, IOVA has gained 250% and SLS has climbed 169%, all outpacing XBI's 30% advance.
Positioning among other institutions was mixed. According to Fiscal.ai, China Universal and Mirae Asset each raised their IOVA and IBRX holdings by 16%. Raiffeisen cut its IOVA stake by 26% to 280,000 shares, while Leonteq reduced its holding by 60% to 60,000 shares. In SLS, Daiwa nearly exited, cutting its position by 99.9% to 100 shares, and Wyoming reduced its stake by 92% to 1,635 shares. SJS Investment Consulting held steady at 40,000 shares.
IOVA's decline followed updated data for lifileucel in lung cancer. Iovance shares plunged 36% to $9.56 on Thursday after the data showed a 24.6% response rate in 69 patients, compared with 25.6% previously reported in 39 patients, with two responses awaiting confirmation. A retrospectively selected subgroup of 22 patients achieved a 59.1% response rate. Interim CEO Frederick Vogt said that in the enriched subgroup "nearly six in ten patients responded, including two complete responses." Iovance plans to begin enrolling a prospective biomarker-selected cohort in November and targets a 2027 FDA submission for the broader lung-cancer program. Lifileucel is already marketed as Amtagvi for advanced melanoma, and demand for Amtagvi and Proleukin drove the company's September increase in 2026 revenue guidance to $410 million to $420 million from $350 million to $370 million.
SLS shares fell nearly 15% on Wednesday and another 2.2% on Thursday to $10.16 after its Phase 3 Regal leukemia trial reached its 80th event, meaning 80 deaths. The milestone triggers database lock, unblinding and final analysis, with preliminary topline results expected this quarter, according to CEO Angelos Stergiou. Regal is testing Galinpepimut-S (GPS) as maintenance treatment for patients in second complete remission; results have not yet established whether GPS improved overall survival, the primary endpoint.
IBRX's monthly decline came despite the FDA's recent expansion of the Anktiva plus BCG approval to include BCG-unresponsive bladder cancer with papillary-only tumors, broadening its earlier carcinoma in situ indication. The next catalyst is the November readout from Quilt-2.005, a 366-patient trial comparing Anktiva plus BCG with BCG alone in patients who have not previously received BCG. ImmunityBio completed database lock last week and plans a fourth-quarter FDA submission. CNBC's Jim Cramer described ImmunityBio as a "very good spec" earlier in the week, citing biotech takeover activity.
On Stocktwits, IBRX drew "extremely bullish" retail sentiment with "extremely high" message volume, SLS sentiment was "bullish" amid "high" volume, and IOVA drew "bearish" sentiment on "low" activity. Year to date, IBRX has surged 341%, IOVA has gained 250% and SLS has climbed 169%, all outpacing XBI's 30% advance.
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