UPDATE: Shares of ImmunityBio Inc. (NASDAQ: IBRX) have dropped nearly 10% in heavy trading today, reflecting profit-taking and broader market caution amid ongoing volatility in the biotech sector. The stock closed at $9.02 on March 4, 2026, down $0.98 or 9.85% from Tuesday’s close of $10.00, as investors reacted to recent earnings reports and market conditions.
The plunge comes after ImmunityBio experienced a sharp increase earlier in the week, peaking at $10.44 on March 2 following positive clinical updates. Today’s trading saw a low of $8.93 and a high of $9.59, with volume exceeding 16.5 million shares. Although this is solid, it falls short of the recently seen average of over 35 million shares. Following the market close, the stock showed modest recovery attempts between $9.01 and $9.10 in after-hours trading.
Investors are digesting the implications of the company’s full-year 2025 earnings released on March 3, which highlighted an impressive 700% year-over-year increase in net product revenue driven by its flagship therapy, ANKTIVA. This treatment, approved for BCG-unresponsive non-muscle invasive bladder cancer (NMIBC), has expanded its indications to include lung cancer, demonstrating the potential for significant commercial traction.
Despite today’s decline, analysts remain optimistic. Piper Sandler has reiterated an Overweight rating and raised its price target to $15, citing robust sales momentum and regulatory progress. The consensus view among analysts leans towards a “Strong Buy,” with an average 12-month target ranging from $12.60 to $13.06, indicating a potential 30-40% upside from current levels.
Investors are also keenly aware of ImmunityBio’s ongoing clinical trials. The company recently completed enrollment for the pivotal QUILT 2.005 trial, evaluating ANKTIVA in combination with BCG versus BCG alone in BCG-naïve NMIBC CIS patients. This study, which enrolled 366 patients ahead of schedule, is pivotal for the future of ANKTIVA, with interim results expected in Q4 2026. If successful, this could lead to a potential Biologics License Application (BLA) submission by the end of the year.
While the company is making strides, challenges persist. ImmunityBio continues to report net losses typical for a clinical-stage biotech, raising concerns about cash position and burn rate. However, the strong revenue growth from ANKTIVA signals commercial viability, and the company emphasizes disciplined capital allocation towards pipeline advancements.
The stock’s 52-week range spans from $1.83 to $12.43, reflecting the volatility and optimism surrounding ANKTIVA’s potential. Following today’s dip, the market cap hovers around $9-10 billion with approximately 1.03 billion shares outstanding. High short interest and strong retail investor engagement have contributed to recent volatility, but there are indications of stability as fundamentals take center stage.
As ImmunityBio prepares for crucial data readouts and possible BLA filings later this year, analysts are closely monitoring execution on manufacturing scale-up and partnership expansions. The biotech sector remains sensitive to interest rates and broader economic factors, adding layers of uncertainty in the near term.
For now, today’s decline appears more technical than fundamental, raising interest among investors who view this dip as a potential entry point in ImmunityBio’s transformative journey in immunotherapy. As the company navigates its path forward, the stakes are high for both bulls and bears alike. Shareholders and potential investors are advised to stay tuned for updates as the situation develops.
