ImmunityBio (IBRX) Slashes 9% on Lack of Leads

We recently published 10 Stocks Deep in the Red. ImmunityBio, Inc. (NASDAQ:IBRX) is one of the worst performers on Tuesday.

ImmunityBio dropped for a second day on Tuesday, shedding 9.13 percent to close at $2.09 apiece as investors repositioned portfolios while waiting for fresh catalysts from the ongoing Piper Sandler 37th Annual Healthcare Conference.

Earlier, the company announced its participation in the 37th Piper Sandler Annual Healthcare Conference in New York from December 2 to 4.

Investors are expected to closely watch out for the company’s business updates and outlook related to its clinical pipelines.

ImmunityBio (IBRX) Slashes 9% on Lack of Leads

Mila Supinskaya Glashchenko/Shutterstock.com

Earlier last month, ImmunityBio, Inc. (NASDAQ:IBRX) announced that it narrowed its net loss attributable to shareholders by 21.6 percent to $67.25 million from $85.73 million in the same period last year, driven by increased product revenues and lower related-party interest expense.

Revenues soared by 425 percent to $32.06 million from $6.1 million year-on-year, thanks to strong sales from its non-muscle-invasive bladder cancer (NMIBC) treatment, Anktiva.

While we acknowledge the risk and potential of IBXR as an investment, our conviction lies in the belief that some 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 more promising than IBRX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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