ImmunityBio's IBRX Ranks 398th in Trading Volume but Posts 0.10% Gain as Pivotal Trial Boosts Confidence

Market Snapshot

On February 26, 2026, ImmunityBio (NASDAQ: IBRX) reported a trading volume of $0.35 billion, marking a 58.9% decline from the prior day’s volume. Despite the sharp drop in liquidity, the stock closed with a 0.10% increase, outperforming broader market trends. The company’s shares ranked 398th in trading activity among listed equities, reflecting uneven investor participation. The modest price gain occurred amid mixed market sentiment, with pre-market trading initially showing higher gains before reversing to a 3% decline later in the session.

Key Drivers

The completion of enrollment in ImmunityBio’s pivotal Phase 2 QUILT 2.005 trial emerged as a critical catalyst. The trial, evaluating ANKTIVA® (nogapendekin alfa inbakicept-pmln) in combination with Bacillus Calmette-Guérin (BCG) for non-muscle invasive bladder cancer (NMIBC), enrolled all 366 BCG-naïve patients ahead of schedule. An interim FDA-requested analysis revealed statistically significant improvements in the duration of complete response: 85% of patients on the ANKTIVA-BCG combo maintained a response at six months, compared to 57% with BCG alone. At nine months, the response rates were 84% and 52%, respectively, with the latter achieving statistical significance (p=0.0455). These results, coupled with no new safety signals, position the therapy as a potential alternative to standard-of-care BCG monotherapy.

The company’s plans to submit a biologics license application (BLA) to the FDA by Q4 2026 further underpin the optimism. Regulatory progress is critical for ImmunityBio, as ANKTIVA is already approved in 33 countries for BCG-unresponsive NMIBC. The interim data strengthen the case for expanding the drug’s indication to BCG-naïve patients, a larger and earlier-intervention market segment. Analysts highlighted that regulatory approval could solidify ANKTIVA’s role in reshaping treatment protocols, particularly given the limitations of BCG alone, such as tumor resistance and the risk of metastasis if cystectomy is delayed.

In parallel, the company’s efforts to address BCG supply shortages through its Expanded Access Program (EAP) for recombinant BCG are gaining traction. With 580 patients enrolled across the U.S., the EAP aims to mitigate the ongoing TICE® BCG shortage. ImmunityBio has also engaged the FDA to discuss the potential approval of recombinant BCG as an alternative supply source, which could alleviate bottlenecks in clinical access and reinforce the broader adoption of its combination therapy. This strategic move underscores the company’s dual focus on both therapeutic innovation and supply chain resilience.

The stock’s muted price reaction, despite the positive clinical data, may reflect investor caution around interim results and regulatory uncertainties. While the FDA’s interim analysis supports the therapy’s efficacy, the final unblinding of the trial—expected in late 2026—remains a key risk factor. Additionally, the 3% pre-market decline suggests market participants are factoring in the possibility that interim results might not fully predict long-term outcomes. However, the company’s recent revenue growth, driven by a 431% year-over-year increase in ANKTIVA sales to $38.3 million, provides a near-term tailwind. This commercial success, combined with the European Commission’s conditional approval for BCG-unresponsive NMIBC, reinforces the stock’s fundamentals.

The interplay between clinical milestones, regulatory submissions, and supply chain solutions is shaping investor sentiment. While the trading volume contraction signals short-term volatility, the underlying data from QUILT 2.005 and the BLA timeline offer a clear path to value creation. Analysts have maintained a “Buy” rating, with price targets ranging from $12.60 to $23.00, reflecting confidence in the company’s ability to leverage its BioShield platform and address unmet needs in bladder cancer treatment. As the BLA submission date approaches, the market will closely monitor the FDA’s feedback and the final trial results to assess the therapy’s commercial potential.