2024-05-10 14:40:31 ET
Summary
- Iovance Biotherapeutics reported its Q1 2024 earnings yesterday. The company made a net loss of $(113m), or $(0.42) per share.
- Iovance secured a historic approval for a first solid tumor targeting cell therapy in mid-Feb, triggering overnight gains of close to 100%.
- Now, the market is turning its attention to revenue figures and patient enrollment for Amtagvi, approved to treat melanoma.
- Yesterday's updates provided by management seemed upbeat, but analysts had many questions and the share price has been falling today.
- In this post, I provide a thorough overview of the state of play post Q1 '24 earnings, and speculate on key themes that will dictate IOVA stock price movements going forward.
Iovance Biotherapeutics Overview
Iovance Biotherapeutics, Inc. ( IOVA ), the San Carlos, California-based biotech that secured a historic first approval for a solid tumor targeting cell therapy earlier this year, announced its Q1 2024 earnings yesterday.
Iovance's tumor infiltrating lymphocyte ("TIL") cell therapy candidate, lifileucel, achieved a 31.4% overall response rate in a study of 73 patients with melanoma, whose cancer had progressed after a commonly used immunotherapy or targeted cancer medication, with 43.5 of responders remaining cancer free after more than 18 months follow-up, which was sufficient to garner an approval from the Food and Drug Agency (the "FDA") in mid-February, sending Iovance's stock price soaring from ~$9, to ~$17 overnight. In October 2023, shares had traded at <$3.5 per share....
Read the full article on Seeking Alpha
For further details see:
Iovance Q1 Earnings Review: Not Enough Data To Draw Conclusions On Amtagvi