We recently published a list of Why These 10 Stocks Soared by Double Digits Today. In this article, we are going to take a look at where ImmunityBio, Inc. (NASDAQ:IBRX) stands against other stocks that soared by double digits today.
The stock market kicked off the trading week brimming with optimism after the US and China announced a tariff truce on each other’s goods.
The tech-heavy Nasdaq booked the largest gains among the three major indices, rallying 4.85 percent. The S&P 500 followed with a 3.26-percent increase, and the Dow Jones, with 2.81 percent.
Over the weekend, the US and China reached a 90-day deal to lower tariffs on each other’s imports. US taxes on Chinese imports will drop to 30 percent from 145 percent previously, while China’s tariffs on US imports will drop to 10 percent from 125 percent earlier.
Beyond the major indices, 10 companies finished the week stronger, booking double-digit gains during the day. In this article, we name Monday’s 10 top performers and detail the reasons behind their strong performance.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
A technician analyzing natural killer cells, as part of an immune system study and research into therapeutical agents.
Shares of ImmunityBio Inc. grew as much as 18.8 percent at intraday trading before ending the day just up by 14.01 percent at $2.36 apiece as investor sentiment was fueled by its impressive earnings performance in the first three months of the year.
In its earnings release, ImmunityBio, Inc. (NASDAQ:IBRX) said it narrowed its net loss attributable to stockholders by 3.3 percent to $129.6 million from the $134.1 million registered in the same period last year, as revenues skyrocketed by 41,192 percent to $16.5 million from only $40,000 in the same period last year.
The higher revenues were driven by the strong performance of its Anktiva, an immunotherapy treatment for non-muscle invasive bladder cancer (NMIBC).
According to the company, it continues to experience steady growth as urologists increase their use of the said treatment.
“Nearly 200 urological practices are in early stages of implementation or have already begun administering rBCG to patients, many of them in rural areas where patients otherwise would not have access to this treatment. This not only lets us help more patients, it opens a new marketplace for ImmunityBio’s therapies,” said ImmunityBio, Inc. (NASDAQ:IBRX) President and CEO Richard Adcock.
