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Iovance Biotherapeutics Stock Plummets on Earnings Miss
Iovance Biotherapeutics Stock Plummets on Earnings Miss
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BTCCSquare news:
Iovance Biotherapeutics shares cratered 21% Friday after the cancer therapy developer posted disappointing second-quarter results. Despite nearly doubling revenue year-over-year to $60 million—driven primarily by its Amtagvi treatment—the company fell short of analyst expectations for both top-line growth ($67 million consensus) and net loss ($0.28/share projected vs. $0.33 actual).
The market's punitive reaction underscores Wall Street's low tolerance for earnings misses, even for commercial-stage biotechs showing rapid sales growth. CEO Frederick Vogt maintained Optimism about Amtagvi's trajectory, but investors focused on the widening GAAP net loss, which ballooned to $112 million from $97 million in the prior-year period.
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