The stock market fell sharply anew on Wednesday, with all major indices ending in the red, as investor sentiment was dampened by Federal Chairman Jerome Powell’s bearish comments on the US economy, saying that the US’ tariff policies could drive up inflation and “move us further away from our goals.”

The tech-heavy Nasdaq dropped the hardest, down 3.07 percent. The S&P 500 declined by 2.24 percent, and the Dow Jones was down by 1.73 percent.

To come up with the list of the stocks that declined on Wednesday, we only considered the stocks with $2 billion market capitalization and $5 million trading volume.Why ImmunityBio Inc. (IBRX) Skyrocketed On Monday?

A technician analyzing natural killer cells, as part of an immune system study and research into therapeutical agents.

ImmunityBio, Inc. (NASDAQ:IBRX)

ImmunityBio, Inc. (NASDAQ:IBRX) declined for a second consecutive day on Wednesday, shedding 10.79 percent to close at $2.48 apiece as investors sold off positions amid the broader market decline.

In recent news, ImmunityBio, Inc. (NASDAQ:IBRX) announced that it has completed multiple submissions to the Food and Drug Administration, including a supplemental biologic license application for its novel immunotherapy Anktiva, which aims to treat unresponsive non-muscle invasive bladder cancer carcinoma in situ (CIS).

The company is also underway with the global expansion of Anktiva.

Just recently, it submitted a marketing authorization request to the European Medicines Agency for the review and assessment of the therapy. If approved by the EMA, ImmunityBio, Inc. (NASDAQ:IBRX) would be able to sell ANKTIVA in 27 countries in Europe, including Norway, Iceland, and Liechtenstein.

Overall IBRX ranks 2nd on our list of the stocks that declined on Wednesday. While we acknowledge the potential of IBRX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than IBRX but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

View Comments