ImmunityBio stock loses more than half its value after disclosing FDA can’t approve the BLA for its cancer treatment in its present form

Shares of ImmunityBio Inc. IBRX plummeted 53.7% toward a record one-day selloff in premarket trading Thursday, after the immunotherapy company disclosed it received a “complete response letter” from the U.S. Food and Drug Administration, but puts the company’s Biologics License Application (BLA) for its bladder cancer treatment Anktiva (N-803) on hold. The FDA determined that it can’t approve the BLA in its present form as a pre-license inspection of the company’s third-party contract manufacturer found deficiencies. “The company plans to request a meeting with the FDA as soon as possible to address the subject matter…