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Iovance Biotherapeutics
(NASDAQ:IOVA)
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Rating:62Neutral
Price Target:
$11.50
▲(36.26% Upside)
Action:Reiterated
Date:09/29/26
The score is driven by strong earnings-call momentum (record revenue, expanding margins, and improved commercial traction) and supportive technical trend strength. Offsetting this, the financial profile remains risky due to persistent losses and negative free cash flow, and valuation support is limited given negative earnings and no dividend yield.
Positive Factors
Accelerating Commercial Revenue
The higher revenue outlook, supported by record quarterly sales and a growing treatment-center network, indicates stronger commercial adoption of AMTAGVI. Sustained demand and improved revenue visibility can support operating leverage, investment capacity, and a clearer path toward profitability.
Negative Factors
Persistent Lack of Profitability
Despite improving revenue and narrowing losses, Iovance has not established a sustainable earnings base. Continued negative margins could delay self-funded growth, constrain capital allocation, and leave results sensitive to the pace at which commercial scale converts into operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Commercial Revenue
The higher revenue outlook, supported by record quarterly sales and a growing treatment-center network, indicates stronger commercial adoption of AMTAGVI. Sustained demand and improved revenue visibility can support operating leverage, investment capacity, and a clearer path toward profitability.
Read all positive factors
Iovance Biotherapeutics (IOVA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.44B
Dividend YieldN/A
Average Volume (3M)16.05M
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue Growth34.52%
EPS Growth41.20%
CountryUS
Employees975
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.70
Shares Outstanding452,971,440
10 Day Avg. Volume22,823,651
30 Day Avg. Volume16,053,415
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.40
Price to Sales (P/S)3.70
P/FCF Ratio-2.90
Enterprise Value/Market Cap0.25
Enterprise Value/Revenue4.99
Enterprise Value/Gross Profit4.29
Enterprise Value/Ebitda-6.17
Forecast
1Y Price Target
$12.89Price Target Upside52.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.45
Revenue Forecast (FY)$410.58M
Iovance Biotherapeutics Business Overview & Revenue Model
Company Description
Iovance Biotherapeutics, Inc., a biotechnology firm currently in the clinical development stage, is committed to discovering and bringing to market cancer immunotherapy solutions. Its core mission involves leveraging the patient's own immune syste...
How the Company Makes Money
Iovance makes money primarily by selling its FDA-approved autologous cell therapy, AMTAGVI (lifileucel), in the United States. Revenue is generated when eligible patients receive treatment: tumor tissue is collected, Iovance manufactures a persona...
Iovance Biotherapeutics Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial execution and meaningful operational progress: record revenue ($99.3M), a best-ever 56% gross margin, accelerating Amtagvi uptake (~$91M revenue, +51% sequential and +68% YoY), expanding ATC footprint (>95 ATCs), and important pipeline/regulatory milestones (LUN-202 near-complete enrollment, SARATOGA Fast Track). Key challenges include limited sample sizes in some early efficacy readouts, pending international reimbursement/approvals, near-term guidance review, and the need to sustain funding for continued scale and trials. On balance, the positive commercial momentum, margin expansion, pipeline advancement, and disciplined cost management significantly outweigh the near-term uncertainties.Positive Updates
Record Quarterly Revenue
Total revenue of $99.3M in Q2 2026, up 66% year-over-year and 39% sequentially; Amtagvi drove growth with approximately $91M in revenue, exceeding guidance of $79M–$81M.
Negative Updates
Small Sample Sizes in Early-Stage Results
Notable efficacy signals (50% ORR in sarcoma pilot, 40% ORR in END-201) are based on very small cohorts (6 and 5 evaluable patients respectively), limiting statistical confidence until larger cohorts mature.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Total revenue of $99.3M in Q2 2026, up 66% year-over-year and 39% sequentially; Amtagvi drove growth with approximately $91M in revenue, exceeding guidance of $79M–$81M.
Read all positive updates
Company Guidance
The company said it is reviewing its prior full‑year 2026 revenue guidance of $350–$370 million and expects to provide an updated outlook during the third quarter after assessing strengthening demand trends (Q2 total revenue was $99.3M, up 66% YoY and 39% sequentially), driven by record Amtagvi (~$91M in Q2, +51% vs Q1 and +68% YoY) and Proleukin (~$9M in Q2), noting gross‑to‑net remains minimal (<2%) and Q2 gross margin hit an all‑time high of ~56% (year‑to‑date 50%; Q1 was 41%); they reiterated peak assumptions of >$1B U.S. sales for Amtagvi and Proleukin from advanced melanoma alone, expect Proleukin to normalize to a similar percentage of total revenue as 2025 (management cited ~16% of revenue tied to Proleukin going forward), highlighted operating discipline with R&D ~$59M (down from $62M) and SG&A ~$39M, reported ~$304M cash as of June 30, 2026 (expected to fund operations into H2 2028), and said guidance will reflect continuing commercial momentum (more than 50 commercial patients/month, >95 ATCs now and a target of ≥110 by year‑end) and expanding margins.Iovance Biotherapeutics Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 324.97M | 263.50M | 164.07M | 1.19M | 0.00 | 0.00 |
| Gross Profit | 377.94M | 256.22M | 40.08M | -9.57M | 0.00 | 0.00 |
| EBITDA | -262.80M | -357.11M | -331.40M | -414.39M | -371.77M | -328.27M |
| Net Income | -289.52M | -390.98M | -372.18M | -444.04M | -395.89M | -342.25M |
Balance Sheet | ||||||
| Total Assets | 915.53M | 913.17M | 910.43M | 780.35M | 663.98M | 777.33M |
| Cash, Cash Equivalents and Short-Term Investments | 297.67M | 296.98M | 323.78M | 279.87M | 471.85M | 504.41M |
| Total Debt | 46.00M | 48.44M | 58.26M | 75.86M | 85.45M | 71.53M |
| Total Liabilities | 179.49M | 214.59M | 200.02M | 195.74M | 164.34M | 155.67M |
| Stockholders Equity | 736.04M | 698.58M | 710.40M | 584.61M | 499.64M | 621.66M |
Cash Flow | ||||||
| Free Cash Flow | -296.39M | -336.24M | -364.05M | -384.11M | -313.18M | -265.51M |
| Operating Cash Flow | -264.18M | -302.41M | -352.98M | -361.82M | -292.76M | -227.94M |
| Investing Cash Flow | -44.87M | 47.50M | -96.41M | -155.24M | 256.45M | 132.00K |
| Financing Cash Flow | 287.85M | 300.77M | 390.66M | 462.96M | 190.15M | 239.27M |
Iovance Biotherapeutics Technical Analysis
Positive
8.44
Price Trends
8.27
Positive
6.21
Positive
4.73
Positive
Market Momentum
1.64
Negative
79.90
Negative
83.48
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IOVA, the sentiment is Positive. The current price of 8.44 is below the 20-day moving average (MA) of 10.65, above the 50-day MA of 8.27, and above the 200-day MA of 4.73, indicating a bullish trend. The MACD of 1.64 indicates Negative momentum. The RSI at 79.90 is Negative, neither overbought nor oversold. The STOCH value of 83.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IOVA.
Iovance Biotherapeutics Risk Analysis
Iovance Biotherapeutics disclosed 85 risk factors in its most recent earnings report. Iovance Biotherapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Iovance Biotherapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $6.44B | -20.31 | -40.51% | ― | 34.52% | 41.20% | |
54 Neutral | $3.11B | -6.22 | -87.98% | ― | -55.34% | -23.18% | |
54 Neutral | $1.81B | -11.83 | -49.73% | ― | 1083.56% | 30.89% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.49B | -6.50 | -37.99% | ― | -27.15% | 23.10% | |
49 Neutral | $1.53B | -164.78 | -2.35% | ― | 20.19% | ― | |
48 Neutral | $1.14B | -4.24 | -47.04% | ― | -65.40% | -164.71% |
* Healthcare Sector Average
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Iovance Biotherapeutics Corporate Events
Business Operations and StrategyFinancial Disclosures
Iovance Biotherapeutics Raises 2026 Revenue Guidance Outlook
Positive
Sep 29, 2026
On September 29, 2026, Iovance Biotherapeutics raised its full-year 2026 total revenue guidance to a range of $410 million to $420 million, citing strong U.S. demand for Amtagvi and Proleukin. The midpoint of the new outlook represents a $55 milli...
Business Operations and StrategyFinancial Disclosures
Iovance Biotherapeutics Highlights Strong Q2 Growth and Outlook
Positive
Aug 6, 2026
On August 6, 2026, Iovance Biotherapeutics updated its corporate presentation, highlighting its position as a global leader in TIL therapy and the commercial progress of Amtagvi in second-line and later advanced melanoma. By early August 2026 the ...
Business Operations and StrategyFinancial Disclosures
Iovance updates outlook, highlighting Amtagvi growth and pipeline
Positive
Jul 2, 2026
On June 30, 2026, Iovance Biotherapeutics updated its corporate presentation, highlighting its position as a global leader in innovating and delivering TIL therapy and the commercial progress of Amtagvi in advanced melanoma. The company reported m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.