Stock Market Today, Jan. 23: ImmunityBio Falls After Gaining Over 200% in a Month

Company Overview - ImmunityBio (NASDAQ:IBRX) closed at $6.45, down 12.13%, but has seen a significant increase of 63.29% in the past five days and 207.14% in the past month [1] - The company has experienced a trading volume of 74.6 million shares, which is 238% above its three-month average of 22.1 million shares [1] - Since its IPO in 2015, ImmunityBio's stock has fallen 83% [1] Market Context - The broader markets were steady, with the S&P 500 edging up 0.03% and the Nasdaq Composite rising 0.28% [2] - Biotechnology and pharmaceuticals peers, including Merck and BioNTech, experienced slight losses, indicating ongoing volatility in the sector [2] Recent Developments - ImmunityBio's recent losses may be attributed to profit-taking after a significant rise in stock price [3] - The company has made progress with the FDA regarding its Anktiva bladder cancer therapy application, which is set to be resubmitted [3] - The Saudi FDA has granted approval for Anktiva [3] Financial Performance - The firm's full-year results exceeded analyst expectations, with a net profit of $113 million, representing a 700% increase year-on-year [4] - In a recent update, it was reported that 19 out of 23 patients with progressive glioblastoma receiving Anktiva are still alive, although the median overall survival has not yet been reached [4] Analyst Sentiment - Several analysts, including H.C. Wainwright, have raised their price targets for ImmunityBio's stock [5] - Exits from short sellers have positively impacted the company, with reported paper losses of around $492 million for short sellers [5]