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In a turbulent market environment, ImmunityBio Inc. (NASDAQ: IBRX), formerly known as NantKwest (NASDAQ:IBRX), has seen its stock price touch a 52-week low, reaching a sobering $2.5, representing a steep 76% decline from its 52-week high of $10.53. According to InvestingPro analysis, the company currently appears undervalued, with additional insights available in their Most Undervalued stocks list. This latest price level reflects a significant downturn, with the stock plummeting 61% over the past six months alone. Investors are closely monitoring the company's performance, as the biotechnology firm grapples with rapid cash burn and negative earnings, despite maintaining a healthy current ratio of 2.68. The 52-week low serves as a critical juncture for ImmunityBio, as market participants consider the company's future prospects and strategic responses to current challenges. InvestingPro subscribers have access to 12 additional key insights about IBRX's financial health and market position.
In other recent news, ImmunityBio Inc. has been the focus of several significant developments. BTIG has initiated coverage on the biotech firm with a Buy rating, citing the potential of its lead product, ANKTIVA. The drug, approved for BCG-unresponsive non-muscle invasive bladder cancer, has shown promising results in trials and is expected to address the long-term BCG shortage through a strategic partnership with the Serum Institute of India.
ImmunityBio has also gained a unique J-code for ANKTIVA from the Centers for Medicare & Medicaid Services, simplifying the billing process for healthcare providers. This move marks a significant step in the company's mission to advance immunotherapy.
Furthermore, ImmunityBio has announced plans for a public stock offering to fund the commercialization of ANKTIVA and other corporate purposes. The completion, timing, and size of the offering will depend on market conditions and will be managed by Jefferies, Piper Sandler, BTIG, and H.C. Wainwright & Co.
The company also recently partnered with software company nCartes, Inc. to streamline data processes in clinical trials. This collaboration aims to expedite data collection, potentially accelerating the introduction of new therapies, and reduce costs associated with data verification.
EF Hutton issued a Buy rating for ImmunityBio with a stock target of $30.00, recognizing the potential of the company's cancer therapy, Anktiva. Meanwhile, Piper Sandler maintained a Neutral rating on the company's stock.
Lastly, ImmunityBio reported positive results from its QUILT 3.055 trial, which demonstrated prolonged survival in patients with advanced non-small cell lung cancer. The trial used ANKTIVA in combination with checkpoint inhibitors KEYTRUDA or OPDIVO, prompting the initiation of Phase 3 trials for 1st and 2nd line NSCLC treatment.
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