• Earlier in June 2026, ImmunityBio presented two randomized Phase 3 trials and an indirect comparison study of its immunotherapy ANKTIVA in advanced non-small cell lung cancer and BCG-unresponsive non-muscle invasive bladder cancer at the ASCO Annual Meeting.
• The data spotlight ANKTIVA’s approach of activating NK and T cells in patients with lymphopenia, underlining the company’s focus on immune system amplification in cancer care.
• We’ll now examine how these Phase 3 ANKTIVA results at ASCO may influence ImmunityBio’s investment narrative built around global expansion and new indications.

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ImmunityBio Investment Narrative Recap

To own ImmunityBio, you need to believe ANKTIVA can grow from a single approved bladder cancer product into a broader immunotherapy platform across cancers and lymphopenia. The new Phase 3 data at ASCO reinforce that core thesis mechanistically, but do not obviously change the key near term catalyst, which remains the FDA’s sBLA review for papillary NMIBC, or the biggest risk, which is concentration in one main commercial franchise amid heavy cash burn.

The most relevant recent development is the FDA’s acceptance of ImmunityBio’s sBLA for ANKTIVA plus BCG in papillary NMIBC, with a PDUFA date of January 6, 2027. Together with the ASCO Phase 3 readouts, this filing ties near term regulatory momentum in bladder cancer to the broader effort to extend ANKTIVA across urology and solid tumors, while the company’s sizable operating losses and prior equity offerings highlight the funding and execution risk around those catalysts.

Yet against this promising clinical story, investors should be aware that...

ImmunityBio's narrative projects $1.2 billion revenue and $435.5 million earnings by 2029. This requires 118.9% yearly revenue growth and about a $787 million earnings increase from -$351.4 million today.

Uncover how ImmunityBio's forecasts yield a $13.50 fair value, a 88% upside to its current price.

Exploring Other Perspectives

The most optimistic analysts were already assuming revenue could reach about US$1.6 billion by 2029 and earnings around US$672 million, so this new ANKTIVA data may either reinforce that aggressive growth path or prompt a rethink of how realistic those forecasts are compared with the more cautious view that hinges on regulatory delays and concentrated ANKTIVA risk.

Explore 10 other fair value estimates on ImmunityBio - why the stock might be worth over 5x more than the current price!

Decide For Yourself

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your ImmunityBio research is our analysis highlighting 3 key rewards and 4 important warning signs that could impact your investment decision.
• Our free ImmunityBio research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ImmunityBio's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.