ImmunityBio (IBRX) is trading lower as the market continues to price in regulatory and legal overhang tied to the FDA Office of Prescription Drug Promotion’s warning letter dated March 13, 2026. The letter challenged promotional materials for ANKTIVA, including messaging in a TV ad and a podcast, and required the company to discontinue or correct promotional communications deemed misleading and to outline a compliance plan. (fda.gov)

Beyond the regulatory scrutiny, multiple securities class-action announcements have kept attention on the stock, highlighting alleged misstatements tied to Anktiva promotion and setting a May 26, 2026 deadline for investors to seek lead-plaintiff status. That calendar-driven headline risk can weigh on sentiment as the deadline approaches. (globenewswire.com)

ImmunityBio has said it submitted a comprehensive response to the FDA, removed the referenced podcast from its website, requested removal from third-party platforms, and stated the cited TV advertisement was never broadcast, while also committing to tighter promotional-review protocols and external oversight. Separately, the next major catalyst is the company’s next earnings report, which market calendars currently point to early-to-mid May 2026, creating additional near-term positioning risk. (ir.immunitybio.com)