CYTR - ImmunityBio pares gains following aldoxorubicin data in cancer

Shares of ImmunityBio (IBRX +3.1%), which spiked higher this morning, have pared those gains in late morning trading. Volume as of 1149a is ~4.4M shares, significantly higher than the ~1.3M shares average daily volume. Last week, CytRx Corporation (OTCQB:CYTR -1.0%) highlighted the use of aldoxorubicin to treat various cancers. CytRx out-licensed development and commercialization rights for aldoxorubicin to ImmunityBio in 2017. The CytRx news release didn't help Immunity's stock price. In fact, it closed down on Dec. 21. Aldoxorubicin is under investigation for pancreatic cancer, triple negative breast cancer, head and neck cancer, and glioblastoma. Also last week, Piper Sandler maintained its outperform rating on ImmunityBio, but lowered its price target to $20 from $25 (~201% upside based on yesterday's close). Check out why Seeking Alpha contributor Biologics is very bullish on ImmunityBio.

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ImmunityBio pares gains following aldoxorubicin data in cancer