ImmunityBio: Accelerating ANKTIVA Commercial Traction and Global Regulatory Momentum Support Buy Rating

H.C. Wainwright analyst Andres Y. Maldonado has maintained their bullish stance on IBRX stock, giving a Buy rating today.

Andres Y. Maldonado has given his Buy rating due to a combination of factors tied to ImmunityBio’s commercial traction and expanding clinical and regulatory footprint. He points to rapidly building ANKTIVA sales in non–muscle invasive bladder cancer (NMIBC), where rising product revenues and growing use among key physician networks indicate strengthening market adoption and reduced uncertainty around uptake and persistence of use. In parallel, the company’s international momentum is underscored by Saudi Arabia’s accelerated approval of ANKTIVA in combination with immune checkpoint inhibitors for metastatic non-small cell lung cancer, as well as approval of ANKTIVA plus BCG for NMIBC, which together extend the product’s reach beyond existing U.S., U.K., and conditional EU clearances.
These developments feed into Maldonado’s broader view that ANKTIVA is emerging as a versatile immune-restoring platform rather than a single-indication product. The NSCLC approval, backed by data linking restoration of lymphocyte counts to survival benefits, supports the concept that enhancing immune competence via activation of natural killer and CD8 T cells could be applied across multiple tumor types and treatment settings. Progress in the registrational QUILT 2.005 trial in BCG-naive NMIBC, with faster-than-expected enrollment and encouraging interim signals on response depth and durability versus BCG alone, further strengthens the long-term value proposition. Taken together, the combination of accelerating real-world revenues, expanding global regulatory validation, and a scalable mechanism-based platform underpins his positive view and supports a Buy recommendation on ImmunityBio’s shares.

In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $7.00 price target.