H.C. Wainwright Asserts Buy Rating on Immunitybio Inc. (IBRX) as Net Loss Narrows on Robust Product Revenue

Core Insights - Immunitybio Inc. (NASDAQ:IBRX) is experiencing significant growth, particularly in the sales of its product Anktiva for bladder cancer treatment, as evidenced by strong third-quarter results [1][2]. Financial Performance - The company reported product revenue of $31.8 million for the third quarter, marking a 434% increase compared to the same period last year [2]. - Year-to-date revenue for the first nine months of the year reached $74.7 million, reflecting a 467% increase year-over-year [2]. - The net loss for the third quarter narrowed to $67.3 million, down from $85.7 million in the same quarter last year, attributed to higher product revenue and reduced related party interest expenses [4]. Market Adoption - Unit sales of Anktiva have grown nearly sixfold year-to-date compared to the full year of 2024, indicating strong adoption in both leading research centers and community urology clinics, including rural areas [3]. - Anktiva has been recognized as the preferred drug for its indication by a major medication contracting organization, which covers approximately 80 million lives, enhancing its market position [3]. Analyst Ratings - Following the positive third-quarter results, H.C. Wainwright analyst Andres Y. Maldonado reiterated a Buy rating on Immunitybio's stock, setting a price target of $8.00 [4].