Why Did Immunitybio (IBRX) Go Down on Friday?

We recently published a list of These 10 Firms Took A Hit on Friday. In this article, we are going to take a look at where Immunitybio, Inc. (NASDAQ:IBRX) stands against other firms that took a hit on Friday.

Wall Street’s main indices all finished in the green territory on Friday, as investors repositioned their portfolios ahead of president-elect Donald Trump’s return to office.

The Dow jumped by 0.78 percent, while the S&P surged by 1 percent. Meanwhile, Nasdaq soared 1.51 percent.

However, ten companies under mixed sectors bucked an overall positive market sentiment as multiple negative factors put pressure on investor sentiment. In this article, let’s look at the reasons that dragged their shares performance.

To come up with the top 10 losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A technician analyzing natural killer cells, as part of an immune system study and research into therapeutical agents.

Immunitybio, Inc. (NASDAQ:IBRX)

Shares of Immunitybio, Inc. (NASDAQ:IBRX) retreated on Friday, losing 3.29 percent to end at $2.94 apiece as investors resorted to profit-taking following Thursday’s surge.

Earlier this week, it can be learned that the company announced plans to submit multiple treatments for approval by the Food and Drug Administration in 2025.

Late Wednesday, Immunitybio (NASDAQ:IBRX) said it would submit a supplemental biologics license application (BLA) for the treatment of bladder cancer. If approved by the FDA, the BLAs will allow the company to sell its products across the US.

In addition, it would also submit another BLA for the treatment of patients with a certain type of lung cancer.

ImmunityBio, Inc. (NASDAQ:IBRX) said that a Phase 2B study had already indicated positive results for patients whose first and second treatment attempts ended unsuccessfully after using the company’s Anktiva drug in combination with other inhibitors.

Overall, IBRX ranks 8th on our list of firms that took a hit on Friday. While we acknowledge the potential of IBRX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as IBRX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.