Yahoo Finance Why Is Iovance Biotherapeutics (IOVA) Up 7.9% Since Last Earnings Report?
It has been about a month since the last earnings report for Iovance Biotherapeutics (IOVA). Shares have added about 7.9% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Iovance Biotherapeutics due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Posts Narrower-Than-Expected Loss in Q1
Iovance incurred a loss of 50 cents per share in first-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of 84 cents. In the year-ago quarter, the company reported a loss of 58 cents.
Without any marketed product and revenue-generating collaboration, the company did not record any revenues during the quarter.
Quarter in Detail
Research & development expenses were $82.7 million, up 21.1% from the year-ago quarter’s levels, primarily due to increased related personnel costs and facility building costs.
General and administrative expenses increased 20.1% from the prior-year quarter’s figure to $28.1 million due to an increase in related personnel costs and fees to support the Proleukin acquisition.
The company had $632.7 million in cash, cash equivalents, short-term investments and restricted cash as of Mar 31, 2023, compared with $478.3 million on Dec 31, 2022. During the quarter, Iovance raised $260.1 in net proceeds from ATM equity financing. Based on the cash position, management expects to fund the company’s current and planned operations in second-half 2024.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates revision.
The consensus estimate has shifted 10.26% due to these changes.
VGM Scores
At this time, Iovance Biotherapeutics has an average Growth Score of C, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of F on the value side, putting it in the fifth quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Iovance Biotherapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Iovance Biotherapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Acadia Pharmaceuticals (ACAD), a stock from the same industry, has gained 13.8%. The company reported its results for the quarter ended March 2023 more than a month ago.
Acadia reported revenues of $118.46 million in the last reported quarter, representing a year-over-year change of +2.6%. EPS of -$0.27 for the same period compares with -$0.70 a year ago.
Acadia is expected to post a loss of $0.21 per share for the current quarter, representing no change from the year-ago quarter. Over the last 30 days, the Zacks Consensus Estimate has changed +3.3%.
Acadia has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
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Iovance Biotherapeutics, Inc. (IOVA) : Free Stock Analysis Report
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