Analyst update and market context
H.C. Wainwright raised its price objective on ImmunityBio Inc. (NASDAQ: IBRX) to $10.00 from $8.00 and maintained a Buy rating, citing recent developments for the company’s lead immunotherapy, ANKTIVA. The new target equates to a roughly 55% upside from the stock’s cited price of $6.45.
According to InvestingPro data referenced in the reporting, the analyst consensus remains strongly bullish with an aggregated recommendation rating of 1.2 and a range of individual price targets spanning $7 to $24.
Regulatory feedback on ANKTIVA in bladder cancer
The Food and Drug Administration provided guidance that opens a potential resubmission route for ANKTIVA in BCG-Unresponsive papillary bladder cancer. The agency has allowed ImmunityBio to submit additional information within 30 days to support an sBLA resubmission and did not require new clinical trials as part of that path.
Central to the FDA’s stance were follow-up outcomes extending to five years. The dataset showed a bladder cancer-specific survival rate of 96% at 36 months, and the median survival time had not been reached at the five-year mark. Reported cystectomy-avoidance rates were 92% at one year and 82% at three years.
Clinical results in other indications
ImmunityBio also disclosed that median overall survival remains unreached for patients with recurrent glioblastoma treated with a chemo-free combination of ANKTIVA plus CAR-NK therapy; 19 of 23 patients enrolled in that trial were still alive as of January 22, 2026.
Separately, trial data from the QUILT-106 study were reported showing sustained complete responses in patients with Waldenstrom’s lymphoma treated with CAR-NK cell therapy. Two patients remain in complete remission at 7 and 15 months respectively, with no chemotherapy or additional therapy reported.
Financial position and corporate developments
Although ImmunityBio was not profitable over the last twelve months, its balance sheet displays liquid assets that exceed short-term obligations, reflected in a current ratio of 5.77. The company is described as operating with a moderate level of debt.
On the financing front, ImmunityBio amended a $505 million convertible promissory note with Nant Capital, LLC, to permit partial conversions of outstanding principal into common stock prior to the note’s maturity. The noteholder is an entity affiliated with Dr. Patrick Soon-Shiong.
Other analyst moves
Following the regulatory and clinical updates, other investment firms adjusted their valuations. BTIG lifted its price target to $9 from $6 and kept a Buy rating, noting an improved outlook after material developments. Piper Sandler bumped its target to $7 from $5, pointing to robust ANKTIVA sales and a recent accelerated approval by the Saudi Food and Drug Authority for certain cancer indications.
Market behavior and additional insights
InvestingPro data cited in the reporting indicates ImmunityBio’s stock exhibits a beta of -0.04, suggesting the security has tended to move inversely to the broader market, a characteristic some investors view as potential portfolio diversification. The data source also notes that subscribers have access to more than a dozen additional ProTips on IBRX’s financial health and valuation.
Company response timeline and next steps
ImmunityBio has described its discussions with the FDA regarding ANKTIVA as productive. The agency recommended the submission of extra information for a potential resubmission, did not request new clinical trials, and the company intends to respond within the 30-day window communicated by regulators.
Taken together, the regulatory guidance, long-term follow-up survival results, ongoing glioblastoma and lymphoma program updates, adjustments to the convertible note, and fresh analyst price targets illustrate concurrent clinical and financial developments shaping the market’s view of ImmunityBio.