By Nate Wolf

Iovance Biotherapeutics stock was tumbling Friday after the oncology drug maker posted a wider-than-expected first-quarter loss.

The company reported a loss of 36 cents a share on revenue of $49 million, well short of Wall Street's calls for a loss of 24 cents on revenue of $82 million.

Iovance shares were down 46% to $1.72 on Friday.

Management pinned the disappointing first-quarter results on reduced production capacity due to annual maintenance at its Iovance Cell Therapy Center.

"Since full production has now resumed at the [Cell Therapy Center], we now expect infusions to grow in the second quarter as compared to the first quarter," said interim CEO Frederick Vogt.

Analysts at H.C. Wainwright reduced their price target on the stock to $20 from $32 in a research note Friday, but they reiterated a Buy rating due in part to the potential of Iovance's melanoma drug Amtagvi.

Iovance expects regulatory approval for Amtagvi in the European Union, United Kingdom, and Canada this year. The company also believes adoption of the drug by U.S. healthcare providers will accelerate.

The H.C. Wainwright analysts called the second half of 2025 a critical period for Iovance in an increasingly crowded market for melanoma therapies.

"While the company expects momentum to build again through 2025, Amtagvi has experienced moments of unevenness since its launch," the analysts wrote. "These bumps are occurring in therapeutic space experiencing rapid development of next generation therapies."

After Friday's steep drop, shares of Iovance have declined 77% in 2025.

Write to Nate Wolf at nate.wolf@barrons.com

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May 09, 2025 11:33 ET (15:33 GMT)

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