Shares of Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) experienced a dramatic plunge of 39.43% in Friday's pre-market trading session, following the release of disappointing first-quarter 2025 financial results and a significant downward revision of its full-year guidance.

The clinical-stage biotechnology company reported a quarterly loss of $0.36 per share, substantially missing the analyst consensus estimate of $0.24 per share. While this represents a 14.29% improvement from the $0.42 loss per share in the same quarter last year, it fell far short of market expectations. Revenue for the quarter came in at $49.32 million, a staggering 39.63% below the analyst forecast of $81.70 million.

Adding to investor concerns, Iovance Biotherapeutics slashed its fiscal year 2025 total product revenue guidance to a range of $250 million to $300 million, down from previous projections. This revised outlook, coupled with the earnings miss, has shaken investor confidence in the company's near-term growth prospects and its path to profitability. In response to the disappointing results, several analysts have downgraded the stock, with H.C. Wainwright cutting its price target to $20 from $32, and Baird downgrading Iovance to Neutral from Outperform while adjusting its price target to $3 from $20. These factors have collectively contributed to the significant sell-off in Iovance Biotherapeutics' stock.