Why ImmunityBio, Inc. (IBRX) Dominated Last Week’s Rally

We recently compiled a list of the These 10 Firms Dominated Last Week’s Rally. In this article, we are going to take a look at where ImmunityBio, Inc. (NASDAQ:IBRX) stands against the other stocks that dominated last week’s rally.

Last week saw a strong trading finish with Wall Street’s main indices all settling in the green territory ahead of President-elect Donald Trump’s return to the White House.

Week-on-week, the Dow eked out a 3.81-percent gain, the S&P rallied 3.79 percent, while the Nasdaq increased by 3.84 percent.

Last week, 10 companies from diverse sectors outpaced their peers. Let’s take a closer look at which publicly-listed firms led the charge and what fueled their impressive performance.

For this week’s list of the 10 biggest advancers, we focused exclusively on companies with a market capitalization of at least $2 billion and a minimum trading volume of $5 million.

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

ImmunityBio, Inc. (NASDAQ:IBRX)

ImmunityBio, Inc. (NASDAQ:IBRX) saw a surge in its share prices last week, closing higher by 21.49 percent at $2.94 apiece as investors resorted to bargain-hunting after touching a 52-week low the week prior.

Earlier this week, the company announced plans to submit multiple treatments for approval by the Food and Drug Administration in 2025. It 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 3rd on our list of the firms that dominated last week’s rally. 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 timeframe. If you are looking for an AI stock that is more promising than IBRX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

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