Surfkast, the entire biotech sector was down today being spooked by the fed comments suggesting rates will remain unchanged a bit longer than some had hoped. I find it important to remind myself that Iovance does not trade in a vacuum, but is part of a much larger sector and many of the shares are held in funds. Unless there's significant news, IOVA does tend to trade in similar fashion to those sector funds.
The retail investors (us here) have little effect on the share price under most circumstances. The XBI can serve as a guide to the sector, but the XBI etf is heavily shorted which will also have an impact that can dampen a single stock's momentum at times. I believe today was one such example with regards to IOVA. I see nothing in today's action that is worrisome regarding the long term prospects of this stock. Unfortunately, it's easy to get caught up in the day to day action of a single stock and lose sight of the effects of the overall sector and market. It takes really good news to overcome a bad day in the overall market. News that's expected just doesn't do it.
I expect a good call tomorrow, but Iovance is still a quarter away from reporting revenues for Amtagvi. Revenues are currently being generated, but we won't see the bottom line impact until the Q2 report in early August.
I expect tomorrow's call to be very good. I anticipate more clarity on the ramp-up, guidance on patient starts, updates on trials and foreign markets, and maybe a few bonus comments about quality increases in production or patient results. But unless there's a big surprise, the news that's expected will only have so much of an impact. I just don't know what that expectation is and so it's hard to predict how the market will react.
With that said, I still expect higher highs throughout this year and into next. I have high confidence in the team at Iovance.
Good luck.
IMHO of course.
