Why ImmunityBio Stock Is Down More Than 20% Today

Just one day after its stock soared in response to Macau's approval of its oncology drug Anktiva® as a treatment for certain types of bladder cancer, as of 12:32 p.m. ET today, ImmunityBio (NASDAQ: IBRX) shares are down 22.4%. The prompt? A warning letter from the U.S. Food & Drug Administration indicating that a television ad promoting Anktiva -- as well as comments made by the company's Global Chief Scientific and Medical Officer and Executive Chairman Dr. Patrick Soon-Shiong during a recent podcast -- ...