H.C. Wainwright has increased its price target on ImmunityBio Inc. (NASDAQ: IBRX) to $15 from $10 and continues to rate the stock as a Buy. The firm pointed to ANKTIVA's commercial performance and recent regulatory developments as supporting factors for the revised valuation.
According to the research note, ANKTIVA recorded $113 million in revenue in 2025 following its U.S. launch. The company has also secured expanded authorization from European regulators, which the research note says extends ANKTIVA's reach to 33 countries. Separately, European Commission conditional marketing authorization was granted for ANKTIVA in combination with BCG, a designation the company and its partners note is the first approved immunotherapy in Europe for BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ. That approval is described as applying to all 27 European Union member states, plus Iceland, Norway, and Liechtenstein.
Market reaction has been notable. The stock has climbed 339% year-to-date and was trading at $9.63, with a market capitalization reported at $9.5 billion. Despite the share-price advance, InvestingPro analysis flagged the company as appearing overvalued at current levels. InvestingPro Tips mentioned that analysts expect sales growth this year while continuing to forecast the company will not be profitable. The platform also notes the availability of 10 additional exclusive tips for subscribers.
Commercial performance details released by the company show dramatic year-over-year increases. ImmunityBio reported a 700% rise in ANKTIVA sales compared with the prior year and a 750% gain in unit sales. Quarterly results included $38.3 million in fourth-quarter revenue, which the company reported as a 20% increase from the third quarter.
On the regulatory and clinical fronts, ANKTIVA has achieved multiple milestones. The therapy gained its first approval outside of the intravesical setting with an authorization in Saudi Arabia for use in metastatic non-small cell lung cancer in combination with checkpoint inhibitors. The company also announced partnerships to broaden distribution, including agreements with Biopharma and Cigalah Healthcare for Saudi Arabia and the broader Middle East and North Africa region following registration approval from the Saudi Food and Drug Authority, and a partnership with Accord Healthcare to commercialize ANKTIVA across 30 European countries through an 85-person sales force.
Clinical development continues in key indications. Randomized trials are under way in BCG-naive non-muscle invasive bladder cancer, and the company targets a Biologics License Application submission in the fourth quarter of 2026. Development programs remain active across multiple solid tumor and hematologic indications, and regulatory submissions are under review in the papillary setting in both the U.S. and EU.
The combination of accelerating sales, new regulatory clearances, and expanded distribution partnerships has factored into H.C. Wainwright's updated view. At the same time, third-party analysis highlighted valuation concerns and the expectation that the company will not achieve profitability in the near term. Investors and market observers therefore face a mix of commercial momentum and outstanding development and regulatory milestones to monitor going forward.
Bottom line - H.C. Wainwright raised its price target on ImmunityBio to $15 while keeping a Buy rating, citing sizable 2025 ANKTIVA revenues, expanded European authorization, and growing global distribution. The stock has rallied sharply year-to-date, though some analyses view the shares as overvalued and the company is not currently expected to be profitable.