Why Iovance Biotherapeutics Stock Plummeted Today
Investors are typically quite harsh on publicly traded companies that don't make their quarterly estimates, a dynamic vividly on display Friday with biotech stock Iovance Biotherapeutics (NASDAQ: IOVA). The company published its second-quarter earnings after market close the previous day, and the market reacted by trading the stock down by more than 20%.
Iovance, a commercial-stage biotech that's focused on cell therapies for cancer treatment, reported slightly under $60 million in revenue for the period, which was nearly double the $31 million it earned in the same quarter of 2024. All of this is derived from sales of two products: Amtagvi and Proleukin. The former was by far the company's star, with over $54 million in sales.
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Source Fool.com
