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On Thursday, H.C. Wainwright adjusted its price target for Iovance Biotherapeutics (NASDAQ:IOVA), reducing it to $20.00 from the previous $32.00. Despite the reduction, the firm maintained a Buy rating on the company’s shares. Currently trading at $3.17, the stock appears undervalued according to InvestingPro analysis, with analyst targets ranging from $5 to $32. This decision followed Iovance’s announcement of its first-quarter 2025 financial results, which fell short of both the company’s and consensus estimates. InvestingPro data reveals the company’s challenging financial position, with a significant -42% return on assets in the last twelve months. Additional insights and 8 more key ProTips are available for subscribers.
Iovance reported a loss per share of $0.36 for the first quarter of 2025, which was notably lower than the expected $0.23. The company’s total product revenue for the quarter came in at $49.3 million, compared to the $84.5 million projected by H.C. Wainwright and the consensus estimate of $82.3 million. The sales of AMTAGVI contributed $43.6 million to the total revenue, while Proleukin sales accounted for $5.7 million.
The shortfall in expected revenue was attributed to a combination of factors. These included an annual interruption in manufacturing due to iCTC maintenance, sales of Proleukin that did not meet expectations, and inconsistent rates of treatment initiation at Advanced Therapy Centers (ATCs). In light of these results, Iovance has revised its full-year 2025 revenue guidance to a range of $250 million to $300 million.
Ending the quarter with $366 million in cash, Iovance’s management expressed confidence in the company’s financial runway, which they believe will support ongoing operations well into the second half of 2026. While the company maintains more cash than debt on its balance sheet, InvestingPro analysis indicates rapid cash burn rates that investors should monitor. Despite the lowered price target, the reiteration of the Buy rating by H.C. Wainwright reflects ongoing optimism about the company’s long-term prospects. Discover comprehensive analysis and the full Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Iovance Biotherapeutics reported disappointing financial results for the first quarter of 2025. The company posted an earnings per share (EPS) of -$0.36, missing analyst forecasts of -$0.24. Revenue also fell short, coming in at $49.3 million compared to the expected $83.27 million. Following these results, Iovance revised its full-year revenue guidance to between $250 million and $300 million. Baird research firm responded to these developments by downgrading Iovance’s stock from Outperform to Neutral, citing the company’s high cash burn rate and challenging financial outlook. Baird also slashed its price target for Iovance from $20.00 to $3.00. Despite these setbacks, Iovance remains optimistic about future growth, with plans to increase patient infusions and expand internationally. The company is targeting regulatory approvals in the UK, Canada, and the EU, and is developing next-generation cell therapies to enhance its competitive position.
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