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FREMONT, Calif. - ImmunityBio, Inc. (NASDAQ: IBRX), a biotechnology firm, has partnered with software company nCartes, Inc., to automate clinical trial data processes. This collaboration is set to expedite data collection for ImmunityBio's clinical trials, potentially bringing new therapies to market more swiftly.
Clinical trials traditionally involve manual data collection, a labor-intensive method prone to error and delays. ImmunityBio and nCartes aim to replace this with a digital system that directly feeds data from electronic medical records (EMR) into Electronic Data Capture (EDC) systems, which are used by trial sponsors.
Richard Adcock (JO:AIPJ), ImmunityBio's President and CEO, expressed that timely and accurate data from clinical trials is crucial for the company's development of immunotherapies for cancer and infectious diseases. The use of nCartes' EMR-to-EDC technology is expected to reduce delays and improve the speed at which ImmunityBio can introduce new treatments.
John S. McIlwain, CEO of nCartes, highlighted the significance of improving data collection for ImmunityBio's clinical trials, given the company's focus on developing immune system-based therapeutics and vaccines.
The partnership is anticipated to not only accelerate the trial process but also enhance data quality and reduce costs associated with data verification.
ImmunityBio's portfolio includes therapies and vaccines designed to enhance the natural immune response to combat diseases. The company's ANKTIVA® is an FDA-approved immunotherapy for bladder cancer, which stimulates natural killer cells and T cells for long-lasting responses.
nCartes specializes in cloud software that leverages electronic health systems for automated data capture in clinical research, aiming to facilitate more efficient trial management.
This new initiative between ImmunityBio and nCartes is based on a press release statement and represents a strategic move to improve the efficiency of clinical trial data management.
In other recent news, ImmunityBio Inc. received a Buy rating from EF Hutton, which set a stock target of $30.00, citing the potential of its cancer therapy, Anktiva. Anktiva, a superagonist of interleukin-15 (IL-15), is being recognized for its ability to transform non-responsive tumors into ones more susceptible to immune system attack. EF Hutton's coverage also noted that Anktiva's therapeutic potential could extend beyond bladder cancer to treat other solid tumors.
ImmunityBio also reported positive results from its QUILT 3.055 trial, indicating prolonged survival in patients with advanced non-small cell lung cancer (NSCLC). The trial used ANKTIVA in combination with checkpoint inhibitors KEYTRUDA or OPDIVO, showing a median overall survival of 14.1 months in patients who had progressed on checkpoint inhibitor therapies. As a result, ImmunityBio is now initiating Phase 3 trials of ANKTIVA with the same inhibitors for 1st and 2nd line NSCLC treatment.
In corporate developments, ImmunityBio re-elected nine directors at its Annual Meeting of Stockholders and approved an increase in the number of shares authorized for issuance under its 2015 Equity Incentive Plan by 19.9 million. The company also entered an exclusive global arrangement with the Serum Institute of India to manufacture Bacillus Calmette-Guerin for use with ANKTIVA, a treatment for non-muscle invasive bladder cancer. Lastly, Piper Sandler maintained a Neutral rating on ImmunityBio's stock while raising the price target following the approval of Anktiva for BCG-unresponsive NMIBC treatment.
InvestingPro Insights
ImmunityBio's partnership with nCartes to streamline clinical trial data processes aligns with the company's growth trajectory, as reflected in recent financial data. According to InvestingPro, ImmunityBio has experienced remarkable revenue growth, with a 1218.71% increase over the last twelve months as of Q3 2023. This substantial growth underscores the potential impact of accelerated clinical trials on the company's future performance.
An InvestingPro Tip indicates that analysts anticipate sales growth in the current year, which could be further bolstered by the efficiency gains from the nCartes collaboration. Additionally, the company's liquid assets exceed short-term obligations, suggesting a solid financial position to support ongoing research and development efforts.
However, investors should note that ImmunityBio is currently trading at a high revenue valuation multiple, reflecting market optimism about its future prospects. The company's focus on developing novel immunotherapies and vaccines, coupled with its recent FDA approval for ANKTIVA®, may justify this premium valuation in the eyes of some investors.
For those seeking a deeper understanding of ImmunityBio's financial health and market position, InvestingPro offers 8 additional tips, providing a more comprehensive analysis for informed investment decisions.
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