Why ImmunityBio, Inc. (IBRX) Crashed Today

We recently published a list of 10 Firms Drenched in Red Today. In this article, we are going to take a look at where ImmunityBio, Inc. (NASDAQ:IBRX) stands against other firms that are drenched in red today.

Ten companies pulled back on Wednesday, booking hefty losses during the trading session, with investor sentiment weighed down by a flurry of government policies and dismal earnings performance in the last quarter of the year.

Meanwhile, the Dow Jones fell by 1.91 percent, the S&P 500 declined by 1.61 percent, and the tech-heavy Nasdaq dropped 1.41 percent.

In this article, let us take a look at the 10 companies that led a poor performance during the day and explore the reasons behind their drop.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

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

ImmunityBio, Inc. (NASDAQ:IBRX)

ImmunityBio saw its share prices decline by 8.62 percent on Wednesday to end at $2.65 apiece as investors sold off positions amid the lack of fresh catalysts, coupled with a market expert’s sour comments on its stock.

In the Monday episode of Mad Money, host and former hedge fund manager Jim Cramer said that ImmunityBio, Inc. (NASDAQ:IBRX) was “not a great stock.”

“Immunity Bio—I’ve looked at it for a very, very long time. I don’t like the fact that … they’ve been losing money forever. I am not in their camp,” he said.

In contrast, another analyst posted a bullish stance on ImmunityBio, Inc.’s (NASDAQ:IBRX) stock.

Piper Sandler, for its part, upgraded its rating for the company to “overweight” from “neutral” and raised its price target to $5 from $4.25 previously. It said that its rating reflected ImmunityBio, Inc.’s (NASDAQ:IBRX) Anktiva, t-haNK, and M-ceNK cell therapies, and DNA vaccines aimed at reactivating the immune system to fight cancer, which have shown a strong performance.

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