![[Weekly funding roundup May 3-9] VC inflow into Indian startups touches new high](https://images.yourstory.com/cs/2/220356402d6d11e9aa979329348d4c3e/WeeklyFundingRoundupNewLogo1-1739546168054.jpg)
Why Iovance Biotherapeutics Stock Is Crashing Today
Shares of Iovance Biotherapeutics (NASDAQ: IOVA) were crashing 46.6% lower as of 10:40 a.m. ET on Friday. The huge decline came after the drugmaker announced its first-quarter results before the market opened.Iovance reported Q1 revenue of $49.3 million, $43.6 million of which came from its advanced melanoma drug, Amtagvi. Although this result reflected tremendous growth from the $715,000 in revenue recorded in the prior-year period, it was much lower than the average analysts' revenue estimate of $82.4 million. Iovance also lowered its full-year revenue guidance to between $250 million and $300 million, a sharp reduction from its previous outlook of revenue between $450 million and $475 million. Iovance interim president and CEO Frederick Vogt blamed the lower-than-expected Q1 revenue on "a significant reduction in capacity during the annual scheduled maintenance at the Iovance Cell Therapy Center (iCTC)." He said that infusion volume should rebound in Q2.Continue reading
Shares of Iovance Biotherapeutics (NASDAQ: IOVA) were crashing 46.6% lower as of 10:40 a.m. ET on Friday. The huge decline came after the drugmaker announced its first-quarter results before the market opened.
Iovance reported Q1 revenue of $49.3 million, $43.6 million of which came from its advanced melanoma drug, Amtagvi. Although this result reflected tremendous growth from the $715,000 in revenue recorded in the prior-year period, it was much lower than the average analysts' revenue estimate of $82.4 million. Iovance also lowered its full-year revenue guidance to between $250 million and $300 million, a sharp reduction from its previous outlook of revenue between $450 million and $475 million.
Iovance interim president and CEO Frederick Vogt blamed the lower-than-expected Q1 revenue on "a significant reduction in capacity during the annual scheduled maintenance at the Iovance Cell Therapy Center (iCTC)." He said that infusion volume should rebound in Q2.
