Why ImmunityBio, Inc. (IBRX) Surged On Thursday

We recently published a list of While Wall Street Naps, These 10 Stocks Run Wild. In this article, we are going to take a look at where ImmunityBio, Inc. (NASDAQ:IBRX) stands against other best-performing stocks.

ImmunityBio grew its share price by 5.69 percent on Thursday to end at $2.6 apiece as investors continued to snap up shares following its expansion of the Cancer Bioshield Platform in the Middle East.

In a statement, ImmunityBio, Inc. (NASDAQ:IBRX) said it inked a memorandum of understanding with the Ministry of Investment of Saudi Arabia (MISA), King Faisal Specialist Hospital & Research Centre (KFSHRC), and King Abdullah International Medical Research Center (KAIMRC) for the adoption and introduction of the Cancer BioShield platform to Saudi Arabia and the broader Middle East.

Why ImmunityBio, Inc. (IBRX) Surged On Thursday

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

The partnership will pave the way for a new era of immune-restorative therapies for cancer patients.

The BioShield platform, powered by its largest-revenue treatment, Anktiva, is expected to represent a paradigm shift in cancer care.

“We are honored to work with KAIMRC, KFSHRC, and MISA to bring this transformative technology to the region. The BioShield platform changes the way we think about treating cancer—not by destroying the immune system but by restoring and activating it,” said ImmunityBio, Inc. (NASDAQ:IBRX) Executive Chairman Patrick Soon-Shiong.

Overall, IBRX ranks 5th on our list of best-performing stocks. While we acknowledge the potential of IBRX, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IBRX and that has 100x 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.