On Friday, BTIG initiated coverage on ImmunityBio Inc (NASDAQ:IBRX) with a Buy rating and a price target of $6.00. The firm sees potential in the company's lead product, ANKTIVA, an IL-15 receptor agonist approved for BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).
The drug has shown a complete response rate of 62% and durability in its use. ImmunityBio's strategic partnership with Serum Institute of India (SII) was highlighted as a move to potentially address the long-term BCG shortage. The company is also anticipating results from its pivotal phase 2 trial in BCG-naïve patients, expected in late 2025 or early 2026.
The biotechnology company's ANKTIVA has also demonstrated a median overall survival of 14.1 months in second-line and beyond treatment of non-small cell lung cancer (NSCLC) after CPI therapy. Pivotal trials are ongoing in both first and second-line NSCLC settings, with results from the first-line trial anticipated by the end of 2025.
ImmunityBio is conducting several phase 1 and 2 studies in additional solid tumor indications. These studies are evaluating ANKTIVA in combination with cancer vaccines or natural killer (NK) cells. According to BTIG, these studies are not currently reflected in the stock’s valuation and could provide additional upside to the shares.
The Buy rating and the $6 price target suggest that BTIG analysts have confidence in ImmunityBio's product pipeline and its potential to positively impact the company's stock performance.
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