Piper Sandler upgraded ImmunityBio (IBRX) to Overweight from Neutral with a price target of $5, up from $4.25, following a transfer of coverage. The company is developing Anktiva, t-haNK and M-ceNK cell therapies and DNA vaccines to restore the immune system’s ability to kill cancer, the analyst tells investors in a research note. The firm says Anktiva is off to a strong launch in non-muscle invasive bladder cancer, with sales forecast of $83.5M in 2025. Piper sees multiple label expansion opportunities despite the refusal to file letter issued by the FDA for Anktiva in non-muscle invasive bladder cancer that is unresponsive to treatment with Bacillus Calmette-Guerin.
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