ImmunityBio (IBRX) Slashes 9% on Lack of Leads

IBRX +2.91%

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.

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 potential of IBRX as an investment, 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 extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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