Iovance Biotherapeutics (IOVA) Stock Plummets After Second Quarter Earnings Report
Iovance Biotherapeutics (NASDAQ:IOVA) stock is facing a significant drop in value following the release of its second-quarter earnings report. The company reported adjusted earnings per share of -34 cents, slightly higher than the -35 cents per share expected by Wall Street. Additionally, revenue for the quarter came in at $31.11 million, surpassing analysts’ estimates of $24.23 million.
The surge in revenue can be attributed to the approval of Amtagvi in February, allowing Iovance Biotherapeutics to begin selling its advanced melanoma treatment. Looking ahead, the company has provided revenue guidance of $53 million to $55 million for the third quarter of the year, exceeding Wall Street’s expectations.
Furthermore, Iovance Biotherapeutics has forecasted revenue of $160 million to $165 million for 2024 and $450 million to $475 million for 2025, outperforming analysts’ estimates for both years. As a result, IOVA stock has seen an 18.1% increase as of Friday afternoon.
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In summary, despite the initial decline in stock value, Iovance Biotherapeutics has demonstrated strong financial performance and growth potential, making it a promising investment opportunity for traders and investors.