• In late June 2026, ImmunityBio, Inc. was removed from multiple Russell value benchmarks, even as it pursued wider use of its cancer drug Anktiva through new indications and geographies.
• At the same time, investors have been closely watching Anktiva’s Saudi Arabia launch and an FDA-reviewed label expansion filing for papillary bladder cancer, which together frame how the company’s commercial and regulatory trajectory could evolve.
• We’ll now examine how Anktiva’s FDA label expansion bid, alongside these index removals, may influence ImmunityBio’s existing investment narrative.

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ImmunityBio Investment Narrative Recap

To own ImmunityBio today, you have to believe Anktiva can broaden beyond its initial bladder cancer niche into more indications and geographies while the company works through heavy losses and negative equity. The Russell value index removals mainly affect who holds the stock, not the science, so they do not directly change the key near term swing factor: the FDA review of Anktiva’s papillary bladder cancer label expansion, with the biggest current risk still centered on clinical and regulatory outcomes.

The most relevant recent announcement is the FDA’s acceptance of ImmunityBio’s sBLA for Anktiva plus BCG in BCG unresponsive papillary disease, with a PDUFA date of January 6, 2027. This filing matters more to the near term story than index changes, because it speaks directly to whether Anktiva can move from a narrower CIS population to a broader papillary setting, reinforcing or weakening the idea that the drug can support a wider bladder cancer franchise over time.

Yet beneath the focus on new labels and global rollouts, investors should also be aware that ImmunityBio remains highly dependent on a single commercial asset and that...

ImmunityBio's narrative projects $1.6 billion revenue and $673.2 million earnings by 2029. This requires 125.9% yearly revenue growth and a $1,527.7 million earnings increase from -$854.5 million today.

Uncover how ImmunityBio's forecasts yield a $13.00 fair value, a 38% upside to its current price.

Exploring Other Perspectives

Some of the lowest estimate analysts were already cautious, assuming about US$895.3 million of 2029 revenue and US$418.7 million of earnings, and treating Saudi lung cancer as fragile because it leans on single arm data; in light of the index removals, you can see how their more pessimistic view of execution risk could diverge sharply from the consensus and might yet shift again as new information comes in.

Explore 10 other fair value estimates on ImmunityBio - why the stock might be worth over 4x more than the current price!

Form Your Own Verdict

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 2 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.