ImmunityBio, Inc. (NASDAQ: IBRX) shares plummeted 5.09% during Tuesday's intraday trading session, following the company's release of its Full Year 2024 financial results. Despite beating earnings per share (EPS) expectations, the biotechnology firm's revenue fell short of analyst estimates, weighing on investor sentiment.
According to the report, ImmunityBio generated revenue of $14.7 million for the fiscal year 2024, up from $0.6 million in the previous year but missing analysts' forecasts by 31%. However, the company reported a narrower net loss of $413.6 million, translating to an EPS loss of $0.59, which exceeded expectations by 26%.
While ImmunityBio's revenue growth trajectory remains strong, with a projected 55% annualized increase over the next three years, investors appear to have reacted negatively to the missed revenue target. The company's shares are now down 11% from a week ago.
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