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Why ImmunityBio Stock Slumped on Monday

TheMotleyFool

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Why ImmunityBio Stock Slumped on Monday: https://g.foolcdn.com/editorial/images/864253/two-people-in-white-lab-coats-looking-at-a-computer-display.jpg

Cancer-focused biotech (NASDAQ: IBRX) hasn't been in the good graces of a top regulator lately, and the latest development in that story on Monday was discouraging for investors. Numerous shareholders sold out of the stock to sink it by slightly over 3% that trading session.

That regulator is the U.S. Food and Drug Administration (FDA). In mid-March, it sent ImmunityBio a warning letter stating that the biotech's recent promotional materials for cancer immunotherapy drug Anktiva were "false or misleading."

Image source: Getty Images.

Source Fool.com