✕

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

ImmunityBio (IBRX) is Declining For 4 Days Now. What’s Triggering the Selloff?

ImmunityBio Inc. (NASDAQ:IBRX) is one of the 10 Stocks Underperforming the Broader Market.

ImmunityBio extended its losing streak to a 4th consecutive day on Thursday, shedding 9 percent to close at $6.07 apiece, mirroring a lackluster performance in the broader market, while investors continued to digest its revenue miss in the third quarter of the year.

During the period, the biotechnology company said that it raked in total revenues of $48.84 million, a 52 percent jump from the $32.06 million in the same period last year, but missed Wall Street’s consensus estimate of $59.2 million to $61 million.

Net loss attributable to shareholders also widened by 174 percent to $184.55 million from $67.25 million year-on-year, dragged down by fair value changes related to convertible notes and common stock price, among others.

Photo by Tima Miroshnichenko on Pexels

In other developments, investors were also positioning portfolios ahead of key updates as the company participates in the upcoming UBS Global Biopharma Conference and Jefferies Global Healthcare Conference in London on Monday, November 16, where it is expected to discuss updated results from its QUILT-2.005 study on its bladder cancer treatment candidate and its ongoing global expansion initiatives.

“The results from our QUILT-2.005 study bring us closer to our goal of treating bladder cancer earlier in the course of the disease,” ImmunityBio Inc. President and CEO Richard Adcock said.

“In London, we look forward to discussing what these findings could mean for patients who have not yet received BCG, our work to expand access to ANKTIVA globally, and where we see the greatest opportunity for our immunotherapy platform,” he noted.

READ NEXT: 10 Stocks Analysts Are Upgrading Right Now and Jim Cramer’s Top 10 Dividend Stocks for Safe, Consistent Returns

Follow Insider Monkey on Google News.