ImmunityBio (NASDAQ:IBRX), an immunotherapy and infectious disease drug maker, closed Tuesday at $6.48, up 17.39%. The stock is reacting to reports on FDA end-of-phase discussions for ANKTIVA label expansion in bladder cancer, and investors are watching next steps on the planned data resubmission path. Trading volume reached 209.3 million shares, about 1,000% above its three-month average of 19.1 million shares. ImmunityBio IPO’d in 2015 and has fallen 81% since going public.
How the markets moved today
The S&P 500 fell 2.06% to 6,797, while the Nasdaq Composite lost 2.39% to finish at 22,954. Within biotechnology, peers moved mixed, as Moderna closed at $43.00 (+4.56%) and Novavax ended at $8.20 (+0.49%), highlighting stock-specific catalysts over sector trends.
What this means for investors
After more than doubling its share price in just five days last week, ImmunityBio’s stock rocketed higher again today, finishing up 17%. The catalyst for this was the company’s FDA End-of-Phase meeting, where a potential resubmission path was outlined for ImmunityBio’s ANKTIVA therapy to be used in BCG-unresponsive papillary bladder cancer. In simpler terms, if this proceeds, it would represent another potential label expansion for the company’s primary therapy.
This positive update follows a week of incredible news for ImmunityBio, pointing toward a bright future for ANKTIVA. Growing sales by triple digits (albeit off a small base), ANKTIVA’s expanding list of potential indications and geographic markets gives the stock a ton of upside. Still, it will be a volatile ride for investors.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Moderna. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
