ImmunityBio’s FDA warning letter doesn’t change fundamentals, says BTIG

ImmunoBio shares fell about 24% after the FDA’s Office of Prescription Drug Promotion issued a warning letter regarding promotional communications for ANKTIVA, citing false or misleading claims and inadequate risk disclosure, BTIG tells investors in a research note. The company has 15 days to respond, and the issue is seen as resolvable, with the stock pullback viewed as a potential entry point ahead of 2H26 BCG-naive bladder cancer data, the firm says. BTIG maintains a Buy rating and $13 price target on the shares.