Iovance Biotherapeutics rises on higher-than-expected revenue forecast

Iovance Biotherapeutics

09/08/2024 11:48

** Shares of drugmaker Iovance Biotherapeutics  IOVA.O  rise
27.7% to $10.14 premarket 
    ** Co on Thursday forecast FY 2024 total product revenue
between $160 mln and $165 mln, above estimates of $150.50 mln -
LSEG data 
    ** IOVA expects Q3 revenue in range of $53 mln to $55 mln,
compared with estimates of $51.90 mln 
    ** Reported Q2 total product revenue of $31.1 mln, above
estimates of $24.60 mln 
    ** As of July 24, 2024, co had cash, cash equivalents,
investments and restricted cash of $449.6 mln, compared with
346.30 mln at December 31, 2023
    ** IOVA said its present cash position and anticipated
product revenue expected to be sufficient to fund current and
planned operations, including manufacturing expansion, into
early 2026
    ** Up to previous close, stock down 2.3% YTD

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))