ImmunityBio (IBRX)
Market Price (3/14/2026): $8.39 | Market Cap: $8.3 BilSector: Health Care | Industry: Biotechnology
ImmunityBio (IBRX)
Market Price (3/14/2026): $8.39Market Cap: $8.3 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 668% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -256 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -226% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Stock price has recently run up significantly6M Rtn6 month market price return is 223%, 12M Rtn12 month market price return is 189% | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 32% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -269%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -273% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 160% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% | ||
| High stock price volatilityVol 12M is 106% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 668% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -256 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -226% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 223%, 12M Rtn12 month market price return is 189% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 32% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -269%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -273% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 160% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% |
| High stock price volatilityVol 12M is 106% |
Qualitative Assessment
AI Analysis | Feedback
ImmunityBio (IBRX) stock has gained about 255% since 11/30/2025 because of the following key factors:
1. ImmunityBio's ANKTIVA achieved significant commercial success, with full-year 2025 net product revenues skyrocketing to $113 million, representing a 700% increase year-over-year. This strong performance was underpinned by repeat prescribing and a Q4 2025 earnings per share loss of ($0.06), which surpassed analyst expectations of ($0.08), signaling a successful transition into a commercial-stage entity.
2. The company expanded ANKTIVA's regulatory and commercial reach significantly. ImmunityBio resubmitted a supplemental Biologics License Application (sBLA) to the FDA for ANKTIVA plus BCG in BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with papillary tumors, with the FDA acknowledging receipt in March 2026. This resubmission is supported by the QUILT 3.032 trial, which showed a 12-month disease-free survival rate of 58.2%. Additionally, ANKTIVA secured approvals for its NMIBC indication in the European Union and Saudi Arabia since early 2026, with plans for commercial launches in these regions, including a Saudi launch within 60 days of approval.
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1. ImmunityBio's ANKTIVA achieved significant commercial success, with full-year 2025 net product revenues skyrocketing to $113 million, representing a 700% increase year-over-year. This strong performance was underpinned by repeat prescribing and a Q4 2025 earnings per share loss of ($0.06), which surpassed analyst expectations of ($0.08), signaling a successful transition into a commercial-stage entity.
2. The company expanded ANKTIVA's regulatory and commercial reach significantly. ImmunityBio resubmitted a supplemental Biologics License Application (sBLA) to the FDA for ANKTIVA plus BCG in BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with papillary tumors, with the FDA acknowledging receipt in March 2026. This resubmission is supported by the QUILT 3.032 trial, which showed a 12-month disease-free survival rate of 58.2%. Additionally, ANKTIVA secured approvals for its NMIBC indication in the European Union and Saudi Arabia since early 2026, with plans for commercial launches in these regions, including a Saudi launch within 60 days of approval.
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Stock Movement Drivers
Fundamental Drivers
The 255.5% change in IBRX stock from 11/30/2025 to 3/13/2026 was primarily driven by a 171.1% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.36 | 8.39 | 255.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 83 | 113 | 37.2% |
| P/S Multiple | 27.1 | 73.4 | 171.1% |
| Shares Outstanding (Mil) | 947 | 990 | -4.4% |
| Cumulative Contribution | 255.5% |
Market Drivers
11/30/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| IBRX | 255.5% | |
| Market (SPY) | -3.1% | 4.1% |
| Sector (XLV) | -5.0% | 1.6% |
Fundamental Drivers
The 258.5% change in IBRX stock from 8/31/2025 to 3/13/2026 was primarily driven by a 100.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.34 | 8.39 | 258.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 113 | 100.2% |
| P/S Multiple | 36.7 | 73.4 | 99.8% |
| Shares Outstanding (Mil) | 888 | 990 | -10.3% |
| Cumulative Contribution | 258.5% |
Market Drivers
8/31/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| IBRX | 258.5% | |
| Market (SPY) | 3.0% | 12.6% |
| Sector (XLV) | 9.5% | -0.3% |
Fundamental Drivers
The 155.0% change in IBRX stock from 2/28/2025 to 3/13/2026 was primarily driven by a 1445.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.29 | 8.39 | 155.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 113 | 1445.1% |
| P/S Multiple | 312.3 | 73.4 | -76.5% |
| Shares Outstanding (Mil) | 696 | 990 | -29.7% |
| Cumulative Contribution | 155.0% |
Market Drivers
2/28/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| IBRX | 155.0% | |
| Market (SPY) | 12.4% | 24.8% |
| Sector (XLV) | 1.9% | 16.5% |
Fundamental Drivers
The 243.9% change in IBRX stock from 2/28/2023 to 3/13/2026 was primarily driven by a 20239.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.44 | 8.39 | 243.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 113 | 20239.0% |
| P/S Multiple | 1,752.5 | 73.4 | -95.8% |
| Shares Outstanding (Mil) | 400 | 990 | -59.6% |
| Cumulative Contribution | 243.9% |
Market Drivers
2/28/2023 to 3/13/2026| Return | Correlation | |
|---|---|---|
| IBRX | 243.9% | |
| Market (SPY) | 73.4% | 23.4% |
| Sector (XLV) | 23.3% | 16.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IBRX Return | -54% | -17% | -1% | -49% | -23% | 318% | -38% |
| Peers Return | 34% | 12% | -15% | -8% | 22% | 27% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| IBRX Win Rate | 25% | 58% | 50% | 33% | 25% | 67% | |
| Peers Win Rate | 55% | 55% | 43% | 48% | 65% | 73% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| IBRX Max Drawdown | -57% | -56% | -75% | -49% | -26% | 0% | |
| Peers Max Drawdown | -8% | -19% | -26% | -24% | -19% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRK, JNJ, GILD, INCY, MRNA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
| Event | IBRX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -97.0% | -25.4% |
| % Gain to Breakeven | 3266.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -64.8% | -33.9% |
| % Gain to Breakeven | 183.8% | 51.3% |
| Time to Breakeven | 54 days | 148 days |
| 2018 Correction | ||
| % Loss | -87.8% | -19.8% |
| % Gain to Breakeven | 719.8% | 24.7% |
| Time to Breakeven | 371 days | 120 days |
Compare to MRK, JNJ, GILD, INCY, MRNA
In The Past
ImmunityBio's stock fell -97.0% during the 2022 Inflation Shock from a high on 2/22/2021. A -97.0% loss requires a 3266.5% gain to breakeven.
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About ImmunityBio (IBRX)
ImmunityBio, Inc., a clinical-stage biotechnology company, develops therapies and vaccines to treat cancers and infectious diseases. It offers immunotherapy and cell therapy platforms, including antibody cytokine fusion proteins, synthetic immunomodulators, vaccine technologies, natural killer cells, and adaptive (T cell) immune systems. The company also develops therapeutic agents, which are in Phase II or III clinical trial for the treatment of liquid and solid tumors, including bladder, pancreatic, and lung cancers, as well as pathogens as SARS-CoV-2 and HIV. It has collaboration agreements with National Cancer Institute, National Institute of Deafness and Communication Disorders, and Amyris, Inc.; and license agreements with CytRx Corporation, EnGeneIC Pty Limited, GlobeImmune, Inc., and Infectious Disease Research Institute, Sanford Health, Shenzhen Beike Biotechnology Co. Ltd., Sorrento Therapeutics, Inc., and Viracta Therapeutics, Inc. The company was founded in 2014 and is based in San Diego, California.
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A clinical-stage Gilead Sciences, but focused on advanced immunotherapy and cell therapy for cancer and infectious diseases.
A clinical-stage Moderna or BioNTech, but developing diverse immunotherapy and cell therapy platforms for both cancer and infectious diseases.
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- Antibody Cytokine Fusion Proteins: A therapeutic platform that combines antibodies with cytokines to stimulate the immune system against diseases.
- Synthetic Immunomodulators: A platform developing synthetic molecules designed to modulate or enhance the body's immune response.
- Vaccine Technologies: A platform focused on developing novel vaccines for both infectious diseases (like SARS-CoV-2 and HIV) and various cancers.
- Natural Killer (NK) Cell Therapies: A cell therapy platform that utilizes genetically modified or enhanced natural killer cells to target and eliminate cancer cells.
- Adaptive (T cell) Immune System Therapies: A cell therapy platform centered on harnessing and enhancing the adaptive immune system's T cell responses to fight diseases, particularly cancers.
AI Analysis | Feedback
ImmunityBio (IBRX) is a clinical-stage biotechnology company focused on the development of therapies and vaccines. As described, the company's therapeutic agents are currently in Phase II or III clinical trials, indicating that its products have not yet received regulatory approval for commercial sale. Therefore, ImmunityBio does not currently have major customers in the traditional sense, as it is primarily engaged in research and development and conducting clinical trials rather than selling commercialized products to end-users (individuals/patients) or healthcare providers (companies/hospitals). The company's activities at this stage are centered on advancing its pipeline through the development and approval process.AI Analysis | Feedback
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Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 104.08 |
| Mkt Cap | 100.3 |
| Rev LTM | 17,291 |
| Op Inc LTM | 6,521 |
| FCF LTM | 5,393 |
| FCF 3Y Avg | 4,866 |
| CFO LTM | 5,716 |
| CFO 3Y Avg | 5,183 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.2% |
| Rev Chg 3Y Avg | 2.9% |
| Rev Chg Q | 7.0% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | 26.6% |
| Op Mgn 3Y Avg | 19.4% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 25.7% |
| CFO/Rev 3Y Avg | 21.5% |
| FCF/Rev LTM | 19.8% |
| FCF/Rev 3Y Avg | 17.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 100.3 |
| P/S | 6.1 |
| P/EBIT | 11.9 |
| P/E | 15.0 |
| P/CFO | 15.2 |
| Total Yield | 6.8% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 4.3% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.1% |
| 3M Rtn | 18.6% |
| 6M Rtn | 39.7% |
| 12M Rtn | 44.5% |
| 3Y Rtn | 48.3% |
| 1M Excs Rtn | 1.2% |
| 3M Excs Rtn | 21.3% |
| 6M Excs Rtn | 34.7% |
| 12M Excs Rtn | 22.4% |
| 3Y Excs Rtn | -20.7% |
Price Behavior
Price Behavior
| Market Price | $8.39 | |
| Market Cap ($ Bil) | 7.9 | |
| First Trading Date | 07/28/2015 | |
| Distance from 52W High | -27.4% | |
| 50 Days | 200 Days | |
| DMA Price | $6.47 | $3.49 |
| DMA Trend | up | up |
| Distance from DMA | 29.8% | 140.6% |
| 3M | 1YR | |
| Volatility | 166.4% | 106.3% |
| Downside Capture | -271.03 | 141.18 |
| Upside Capture | 507.84 | 223.84 |
| Correlation (SPY) | 4.6% | 24.2% |
IBRX Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.54 | 0.42 | 0.36 | 1.30 | 1.42 | 1.94 |
| Up Beta | 1.66 | 2.16 | 3.80 | 3.39 | 1.16 | 1.85 |
| Down Beta | -2.85 | -1.71 | -2.83 | 0.48 | 1.20 | 1.74 |
| Up Capture | 864% | 1104% | 763% | 479% | 568% | 2287% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 28 | 34 | 68 | 124 | 345 |
| Down Capture | -62% | -1025% | -583% | -120% | 121% | 112% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 12 | 25 | 53 | 117 | 385 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBRX | |
|---|---|---|---|---|
| IBRX | 184.9% | 106.3% | 1.44 | - |
| Sector ETF (XLV) | 5.0% | 17.5% | 0.12 | 17.1% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 23.9% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 5.0% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | 15.8% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 18.2% |
| Bitcoin (BTCUSD) | -15.0% | 44.2% | -0.24 | 13.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBRX | |
|---|---|---|---|---|
| IBRX | -22.1% | 114.0% | 0.31 | - |
| Sector ETF (XLV) | 7.5% | 14.5% | 0.33 | 22.5% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 31.7% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 5.2% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 5.6% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 27.6% |
| Bitcoin (BTCUSD) | 6.4% | 56.7% | 0.33 | 17.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBRX | |
|---|---|---|---|---|
| IBRX | -0.9% | 111.2% | 0.50 | - |
| Sector ETF (XLV) | 10.1% | 16.5% | 0.50 | 24.3% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 28.8% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 3.6% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 7.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 22.0% |
| Bitcoin (BTCUSD) | 67.5% | 66.8% | 1.07 | 9.9% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/15/2026 | 30.8% | 143.0% | 96.9% |
| 11/5/2025 | 3.4% | 2.9% | 10.1% |
| 7/25/2025 | -5.0% | -18.3% | -23.3% |
| 5/12/2025 | 14.0% | 37.2% | 61.4% |
| 3/3/2025 | -13.4% | -8.8% | -8.5% |
| 11/12/2024 | -9.2% | -8.1% | -42.2% |
| 12/12/2022 | 10.1% | 4.7% | -27.8% |
| 9/13/2021 | -1.2% | 2.9% | -1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 3 |
| # Negative | 5 | 4 | 6 |
| Median Positive | 12.0% | 4.7% | 61.4% |
| Median Negative | -5.0% | -8.4% | -15.9% |
| Max Positive | 30.8% | 143.0% | 96.9% |
| Max Negative | -13.4% | -18.3% | -42.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/19/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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