EF Hutton has initiated coverage on ImmunityBio Inc. (NASDAQ:IBRX), a vertically integrated biotechnology company developing therapies and vaccines to bolster the natural immune system for cancers and infectious diseases.
In April this year, the FDA approved ImmunityBio’s Anktiva (N-803, or nogapendekin alfa inbakicept-pmln) plus Bacillus Calmette-Guérin (BCG) for BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ, with or without papillary tumors.
The analyst writes, “Anktiva has the potential to revolutionize cancer immunotherapy by enhancing the efficacy of immune-based treatments, particularly in BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).”
The analyst writes that clinical trials have shown that Anktiva delivers high complete response rates and long-term disease control, indicating its potential to enhance patient outcomes. This could minimize the need for radical surgeries while broadening the range of available immuno-oncology treatments.
The analyst initiates with a Buy rating and a price target of $30, an astonishing upside of over 800%.
EF Hutton writes that Anktiva can potentially broaden the effectiveness of cancer immunotherapy, especially when paired with checkpoint inhibitors. It boosts the activity of natural killer (NK) and CD8+ T cells, which may help “heat” cold tumors, making them more receptive to immune checkpoint therapies.
Last month, ImmunityBio revealed results from its QUILT 3.055 trial demonstrating long-term extended survival of 14 months to as much as five years for patients with advanced non-small cell lung cancer (NSCLC) treated with checkpoint inhibitors (CPI).
The phase 2b study of ANKTIVA in combination with checkpoint inhibitors such as Merck & Co Inc’s (NYSE:MRK) Keytruda or Bristol Myer Squibb & Co’s (NYSE:BMY) Opdivo in multiple tumor types, including NSCLC who failed CPI, showed long-term overall survival of 57% (49/86) and 34% (29/86) at 12 and 18 months, respectively, exceeding the current standard of care.
Price Action: IBRX stock is down 1.58% at $3.43 at the last check Wednesday.
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This article 800% Upside For This Biotech Stock – Analyst Initiates Coverage On Bladder Cancer Focused ImmunityBio originally appeared on Benzinga.com
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