Absolutely crazy price action on IBRX today after long awaited FDA approval

- Stock was up 20% pre-market, opened at $5.70, then fell back to starting price - Company has a big conference call on Friday to discuss new drug approval - Stock has high volume, almost 49m shares short - Uncertainty if short sellers will start to cover their positions - Active traders might enjoy the volatility, long-term investors may not - ImmunityBio (NASDAQ: IBRX) announced FDA approval of ANKTIVA for BCG-unresponsive bladder cancer - ANKTIVA is a first-in-class IL-15 agonist immunotherapy - The therapy activates the body's immune system to attack tumor cells - FDA approval is based on complete response rates and duration of response - ANKTIVA in combination with BCG is approved for maintenance therapy for up to 37 months - The therapy is expected to be available in the U.S. by mid-May 2024