Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) saw its stock price plunge by a staggering 13.22% on November 8, 2024, in a surprising turn of events given the company's strong financial performance and positive updates for the third quarter and first nine months of 2024.
The biotechnology company reported total revenue of $58.6 million in the third quarter, primarily driven by $42.1 million in sales of its newly launched cancer therapy Amtagvi (lifileucel) and $16.5 million in sales of Proleukin, a treatment used in the Amtagvi regimen. This represented a significant increase from the prior year, fueled by the successful commercial launch of Amtagvi in the U.S. in February 2024.
Notably, Iovance's third-quarter results beat Wall Street expectations. The company reported an adjusted loss of $0.28 per share, better than the average analyst estimate of a $0.30 loss per share. Additionally, revenue surpassed projections, coming in at $58.56 million compared to the consensus estimate of $53.81 million.
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