NEW YORK, June 26, 2026, 15:01 EDT
- ImmunityBio, Inc. NASDAQ:IBRX traded 9.2% higher at $8.51. Volume was around 17.0 million shares. The company had a market value of $8.74 billion.
- The company’s market cap was roughly 53% higher than FTSE Russell’s $5.7 billion cutoff for splitting the Russell 1000 and Russell 2000, according to .
- The Russell U.S. reconstitution wraps up after the market closes Friday, putting the updated indexes into effect when trading starts Monday.
ImmunityBio, Inc. NASDAQ:IBRX shot higher Friday, sending its market cap well past the 2026 Russell large-cap threshold. Traders looking for index action piled into the biotech, which is already up more than four times since the start of the year.
The stock traded at $8.51, up $0.72 from the last close of $7.79. Shares moved between $7.68 and $8.845, with volume at 16.96 million. The company’s market cap stood at $8.74 billion.
The numbers decide the trade. FTSE Russell set the 2026 Russell 1000/Russell 2000 split at $5.7 billion. ImmunityBio finished Friday about $3.04 billion above that bar. The rank cut-off was April 30, so the Friday close by itself doesn’t guarantee entry to the index. But it shows why the price is watched.
FTSE Russell said 62 companies are set to join the Russell 1000 after its June shake-up, with 43 of those coming up from the Russell 2000. Seven new names in health care are on the list. The changes kick in after the U.S. market closes Friday, and the new indexes begin trading at Monday’s open.
The SEC-filings page for the company showed June 10 as the latest filing. There was no new public filing to explain the spike on Friday.
Russell reconstitution is tied to actual orders. FTSE Russell puts about $12.2 trillion in assets benchmarked to or invested in products tracking its U.S. indexes. At the June 2025 reconstitution, $217.2 billion traded at the close. Nasdaq-listed names go through Nasdaq’s Closing Cross.
FTSE Russell product-management director Catherine Yoshimoto said the event wraps up on “one of the highest trading volume days of the year.” In a May note, Yoshimoto said tech and industrial stocks led moves into the Russell 1000. Health-care stocks accounted for a smaller share. LSEG
Valuation is less straightforward here. ImmunityBio’s market cap works out to about 49 times annualized Q1 product revenue, which came in at $44.2 million. Net product revenue for the quarter climbed 168% over last year and was up 15% from Q4. Cash and marketable securities stood at $380.9 million. Adjusted net loss hit $86.2 million.
Chief Executive Richard Adcock said in May that ImmunityBio saw “strong demand for ANKTIVA” and entered the second quarter with a “strong cash position.” Founder Patrick Soon-Shiong said a pivotal BCG-naïve NMIBC trial had finished enrolling and backed a planned sBLA filing in 2026. Business Wire
Index demand may not ease regulatory or sales pressure. In March, the FDA sent a warning letter saying Anktiva’s promotional materials were false or misleading and ordered the company to pull its TV ad and podcast. Piper Sandler analyst Edward Tenthoff told Reuters he thinks ImmunityBio “can comply with these requests” and kept his Anktiva revenue estimate unchanged. Reuters
ImmunityBio burned through $75.4 million in operating cash for the quarter, but brought in $223.9 million from financing activities.
