Why Is Iovance Bio (IOVA) Stock Up 18% Today?

Core Viewpoint - Iovance Biotherapeutics reported better-than-expected earnings and revenue for the second quarter, leading to a significant increase in stock price despite a net loss per share. Financial Performance - Adjusted earnings per share for the second quarter were -34 cents, slightly above the expected -35 cents and an improvement from -47 cents in the same period last year [1] - Revenue for the quarter was reported at $31.11 million, exceeding analysts' expectations of $24.23 million and significantly higher than the $238,000 reported in Q2 2023 [2] Revenue Guidance - The company provided revenue guidance of $53 million to $55 million for Q3, surpassing Wall Street's estimate of $49.04 million [3] - For 2024, Iovance Biotherapeutics expects revenue between $160 million and $165 million, again higher than analysts' estimate of $143.21 million [3] - Revenue expectations for 2025 are projected to be between $450 million and $475 million, exceeding Wall Street's estimate of $403.71 million [4] Stock Market Reaction - Following the earnings report and positive guidance, Iovance Biotherapeutics' stock rose by 18.1% as of Friday afternoon [4]