Key Highlights
- Shares of ImmunityBio (IBRX) climbed more than 12% to finish at $8.83 on September 29, 2026.
- The GA-Courtenay Special Situations Fund featured ImmunityBio as a major position in its second-quarter 2026 investor communication.
- According to the fund’s analysis, Anktiva’s current market opportunity exceeds $5.8 billion annually, potentially expanding beyond $43 billion with lung cancer clearance in the US.
- The company recently established a collaboration with Accord Healthcare to launch Anktiva in 30 international markets.
- ImmunityBio has initiated a Phase 1b clinical study evaluating N-803 in combination with two additional oncology agents for bladder cancer treatment.
ImmunityBio (IBRX) shares concluded trading at $8.83 on September 29, 2026, representing a daily increase exceeding 12%. The stock has advanced over 11% during the previous month and has climbed more than 256% year-over-year.
This performance trajectory has captured the attention of specialized investment funds focused on biotechnology growth opportunities. Green Ash Partners’ GA-Courtenay Special Situations Fund highlighted ImmunityBio as a notable portfolio position in its second-quarter 2026 letter to investors.
The fund emphasized ImmunityBio’s production capabilities as central to its investment rationale. The firm possesses the capacity to manufacture one million vials annually of Anktiva, its primary commercial product, which carries a list price of $35,000 per dose.
Using this production volume as a baseline, the fund calculates a potential market exceeding $5.8 billion in annual revenue based solely on Anktiva’s existing regulatory approvals. The fund also noted a 99% trailing gross profit margin for the therapy.
Expansion Scenarios Could Multiply Market Opportunity
The fund’s market projection extends well beyond the $5.8 billion baseline. Anktiva has already received authorization for lung cancer therapy in markets outside the United States, and the fund anticipates potential US regulatory clearance by 2028.
Should that authorization materialize, the fund projects the total addressable market could surpass $43 billion annually. This projection incorporates conservative pricing assumptions across indications.
ImmunityBio has simultaneously pursued strategic commercial partnerships. The company established a collaboration with Accord Healthcare to distribute Anktiva throughout 30 countries, encompassing the United Kingdom, European Union member states, Norway, Iceland, and Liechtenstein.
Accord will deploy over 100 professionals across sales, medical affairs, and marketing functions to support the launch. ImmunityBio has also established an Irish operational entity in Dublin to facilitate European distribution logistics.
Company founder Patrick Soon-Shiong stated the objective is to broaden Anktiva’s availability by completing a randomized study in BCG-naĆÆve patients. This population includes bladder cancer patients who have not previously received BCG immunotherapy or who experienced recurrence long after completing treatment.
ImmunityBio additionally obtained European Union approval for Anktiva administered alongside BCG. This authorization came shortly after Saudi Arabian regulators encouraged the company to submit its recombinant BCG therapy to address treatment supply constraints.
Advancing Clinical Development Programs
The company is engaged in discussions with Saudi health authorities regarding the use of Anktiva combined with checkpoint inhibitors for various cancer types. In the previous month, Saudi regulators provided accelerated approval for Anktiva in metastatic non-small cell lung cancer and BCG-unresponsive bladder cancer.
Within its clinical pipeline, ImmunityBio has launched a Phase 1b investigation combining N-803, pembrolizumab, and enfortumab vedotin. This study enrolls patients with treatment-naĆÆve metastatic urothelial carcinoma, an advanced form of bladder cancer.
The investigation employs a single-arm design, with all enrolled patients receiving the identical three-drug regimen. The trial operates under an open-label format, allowing both investigators and participants to know the treatment protocol.
The trial received initial registration on October 14, 2025. The most recent update to its clinical record occurred on September 21, 2026, suggesting progress toward site activation and enrollment.
The study remains in preparatory stages and has not yet begun patient recruitment. Interested parties can monitor development through the ClinicalTrials database as the program advances.
ImmunityBio currently maintains a market capitalization of $9.35 billion. The stock’s 52-week price range spans from $1.95 to $12.43.
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