IOVA - Why Iovance Biotherapeutics Stock Got Trounced on Thursday
2024-02-29 17:47:00 ET
Iovance Biotherapeutics (NASDAQ: IOVA) , one of the more high-flying biotech stocks of late, fell earthward in trading on Thursday. This was a direct consequence of its latest quarterly figures and operational update that were published after hours on Wednesday and received a fairly negative reaction from investors. The shares closed the day nearly 9% lower, in contrast to the S&P 500 index's gain of slightly over 0.5%.
Product revenue, which comprised Iovance's entire top line, came in at $482,000 for the company's fourth quarter. It didn't record any revenue in the same period of 2022.
The biotech company's costs and expenses grew over that one-year period to nearly $122 million from $107 million. This is the main reason why the net loss deepened to over $116 million ($0.45 per share) from the year-ago shortfall of $105 million.
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Why Iovance Biotherapeutics Stock Got Trounced on Thursday