New York, Jan 24, 2026, 07:11 (EST) — Market closed
- ImmunityBio shares dropped 12.1% on Friday, closing at $6.45 following a steep intraday reversal
- The company reported that median overall survival has not yet been reached in its Phase 2 glioblastoma trial
- BTIG raised its price target to $9 from $6, maintaining a Buy rating
ImmunityBio (NASDAQ: IBRX) shares closed Friday 12.1% lower at $6.45, after fluctuating between $7.86 and $6.44 during the session. The cancer immunotherapy firm saw roughly 76 million shares change hands.
The decline comes just before next week as Wall Street shows renewed interest: On Thursday, BTIG lifted its price target from $6 to $9 and kept a Buy rating. The firm pointed to a “meaningfully improved” risk profile, noting that ANKTIVA’s momentum is expanding the narrative beyond one regulatory battle. 1
On Friday, ImmunityBio reported that median overall survival hasn’t been reached yet in its Phase 2 QUILT-3.078 trial for recurrent glioblastoma. Of the 23 patients enrolled, 19 were still alive as of Jan. 22, and post-treatment lymphocyte counts showed improvement. “Not yet reached” means over half the patients remain alive, so the median survival time can’t be determined yet. Principal investigator Simon Khagi described the chemo-free treatment as “a paradigm change.” The company plans to share updated clinical data on Jan. 31. 2
Earlier this week, ImmunityBio revealed the U.S. Food and Drug Administration requested more information to review a possible resubmission of its supplemental Biologics License Application — aimed at expanding the label for ANKTIVA plus BCG (Bacillus Calmette-Guérin) in BCG-unresponsive papillary non-muscle invasive bladder cancer. The company clarified this does not call for new clinical trials. CEO Richard Adcock said they plan to submit the additional data within 30 days. 3
In a mid-month update, ImmunityBio reported preliminary full-year 2025 net product revenue at around $113 million, marking about a 700% increase from the previous year. The company also estimated holding $242.8 million in cash, cash equivalents, and marketable securities as of Dec. 31. “We delivered strong quarter-over-quarter revenue growth,” Adcock noted. 4
An SEC filing linked to the release noted the figures are unaudited and reflect information available at the time. They may vary from the company’s final numbers in its annual report. 5
ANKTIVA is pushing to expand its presence in the bladder cancer space, where bigger players are also making moves. Johnson & Johnson snagged U.S. FDA approval in September for Inlexzo, a bladder-inserted device that delivers sustained gemcitabine doses to select high-risk NMIBC patients who have failed BCG treatment. 6
ImmunityBio’s glioblastoma data is still preliminary, based on a small group and short follow-up. The company cautioned that interim results might change as additional data emerges. Plus, any plans to expand the drug’s label depend heavily on future regulatory demands. Meanwhile, IBRX shares have swung sharply both ways.
U.S. markets are closed over the weekend, leaving investors to see if Monday sparks new buying or extends Friday’s decline. Two key events loom: the Jan. 31 glioblastoma presentation and the anticipated FDA submission for the papillary NMIBC filing, expected near Feb. 19.
