UPDATE: Shares of ImmunityBio Inc. (NASDAQ: IBRX) have plunged nearly 10% in heavy trading today, closing at $9.02 on March 4, 2026. The drop of $0.98 or 9.85% from Tuesday’s close reflects profit-taking and broader market caution amid ongoing volatility in the biotech sector.
The stock’s intraday trading fluctuated between a low of $8.93 and a high of $9.59, with trading volume surpassing 16.5 million shares, though still below the average of 35 million seen in recent sessions. After-hours trading indicated modest recovery attempts, with shares hovering around $9.01 to $9.10.
This downturn follows a week of significant gains, with shares surging to $10.44 on March 2 after positive clinical updates, before easing to $10.00 post the company’s full-year 2025 earnings release. For the year-to-date, IBRX has seen its stock value more than quintuple from lows around $1.83, driven by robust commercial traction for its flagship therapy, ANKTIVA.
ImmunityBio’s recent earnings report revealed a remarkable 700% year-over-year increase in net product revenue from ANKTIVA, which received FDA approval in April 2024 for treating BCG-unresponsive non-muscle invasive bladder cancer. The company has expanded ANKTIVA‘s approvals to include additional indications such as lung cancer and announced commercial partnerships in 33 countries.
Analysts have responded favorably, with Piper Sandler reiterating an Overweight rating and raising its price target to $15. The consensus among analysts indicates a “Strong Buy,” with an average 12-month target between $12.60 and $13.06, suggesting significant upside potential.
Significant pipeline advances bolster ImmunityBio’s outlook. Earlier this week, they announced the completion of enrollment in the pivotal QUILT 2.005 trial, evaluating the effectiveness of ANKTIVA combined with BCG versus BCG alone in patients with BCG-naïve non-muscle invasive bladder cancer. The trial enrolled 366 patients ahead of schedule, and an interim analysis requested by the FDA showed statistically significant improvement in treatment outcomes.
Full results are expected in Q4 2026, potentially leading to a Biologics License Application submission to expand ANKTIVA into first-line therapy. Additionally, discussions with the FDA are ongoing regarding a potential resubmission of the supplemental BLA for ANKTIVA in treating BCG-unresponsive papillary non-muscle invasive bladder cancer.
Despite the positive momentum, ImmunityBio faces challenges typical for clinical-stage biotech firms, including ongoing net losses. Nonetheless, the growth in revenue signals commercial viability, and the company’s disciplined capital allocation strategy is aimed at advancing its pipeline and global commercialization efforts.
The volatility of the stock, which has ranged from $1.83 to $12.43 over the past year, reflects investor sentiment amid significant competition and execution risks. Current market capitalization stands near $9-10 billion, with approximately 1.03 billion shares outstanding.
As investors eye Q4 2026 data readouts and potential BLA filings, the biotech sector’s sensitivity to interest rates and regulatory changes adds uncertainty. Nevertheless, ImmunityBio’s progress positions it as a key player in immunotherapy. The latest trading decline appears more technical than fundamental, with many investors viewing the dip as a potential entry point amidst the stock’s transformative trajectory.
Stay tuned for further updates as analysts and investors continue to monitor ImmunityBio’s developments closely.
