Investment bank BTIG revised upward its price target for ImmunityBio Inc (NASDAQ: IBRX) to $9.00 from a previous $6.00 on Thursday, while reaffirming a Buy recommendation on the stock. The newly established target signals upside potential relative to the current share price of $7.24, although data from InvestingPro shows the stock trading above its calculated fair value.
This adjustment comes after IBRX shares experienced a dramatic 212% increase over the last month, powered by a series of regulatory endorsements, commercial milestones, and clinical progress. The stock has delivered an exceptional 249.49% total return year-to-date, including a 75.19% gain in just the past week. However, technical indicators such as the Relative Strength Index suggest caution, identifying the stock as currently overbought.
BTIG highlighted that ImmunityBio has evolved beyond its original focus on a single-indication therapy debate, now presenting a multi-pillar immunotherapy platform operating at the commercial stage. This evolution is reflected in the rapid scaling of ANKTIVA revenues, complementing the company's reported revenue expansion of 1,025.95% over the past twelve months. Despite this growth, the company remains unprofitable with an EBITDA loss of approximately $244.95 million.
The firm notes several encouraging developments improving the company's outlook, such as alignment with the U.S. Food and Drug Administration (FDA) on papillary non-muscle invasive bladder cancer (NMIBC) without the need for new clinical trials. Additionally, advancements are noted in first-line NMIBC treatment and expanding international regulatory acceptance, exemplified by recent drug approvals in Saudi Arabia.
BTIG has also raised its estimated probability of success for the treatment of BCG-unresponsive papillary bladder cancer, directly supporting the enhanced price target. The analyst report stresses that the company’s overall risk profile has notably improved amid these developments.
Separately, ImmunityBio disclosed positive interactions with the FDA regarding its supplemental Biologics License Application for ANKTIVA in bladder cancer treatment. The FDA has not requested additional clinical trials, with plans by the company to submit further documentation within the coming month. Complementing this, Piper Sandler increased its price target for ImmunityBio to $7, driven by anticipated U.S. ANKTIVA net revenues projected to reach $180 million by 2026. The Saudi FDA recently granted accelerated approvals for ANKTIVA to treat non-small cell lung cancer and specific bladder cancers.
In clinical trial news, ImmunityBio's QUILT-106 study demonstrated sustained responses in patients with Waldenstrom’s lymphoma undergoing CD19 CAR-NK cell therapy, with two patients maintaining complete remission for seven and fifteen months without further treatment. Enrollment for the QUILT-2.005 bladder cancer trial has surpassed 85%, with a biologics license application submission targeted for late 2026.
Financially, preliminary net product revenues for 2025 are estimated at around $113 million, reflecting a sevenfold increase year-over-year, primarily fueled by ANKTIVA sales performance.