Jefferies Lifts ImmunityBio Inc. (IBRX) Price Target Following Anktiva European Expansion

ImmunityBio Inc. (NASDAQ:IBRX) is one of the best multibagger penny stocks to buy right now. On December 12, analysts at Jefferies raised the stock’s price target to $9 from 8 while reiterating a Buy rating.

The price target hike follows the European Medicines Agency’s issuance of a conditional marketing authorization for Anktiva, the company’s flagship treatment option for non-muscle-invasive bladder cancer with carcinoma in situ (NMIBC-CIS).

The EMA authorization also comes on the heels of the company securing approvals for the treatment in the US and the UK. The approval expands the company’s geographic and commercial presence. The approval also covers the use of the therapy in combination with Bacillus Calmette-Guerin. It marks the first time that such a treatment has received authorization in the European Union.

Anktiva is poised to address a significant issue, given that patients with invasive bladder cancer have limited treatment options beyond surgical removal. Bladder Cancer is a serious health condition in the European Union, ranked as the fifth most common cancer.

“ANKTIVA represents an important evolution in the treatment of NMIBC CIS, strengthening the immune response and improving the durability of BCG,” said Dr. Patrick Soon-Shiong, Founder, Executive Chairman, and Global Chief Scientific and Medical Officer of ImmunityBio. “Hundreds of patients in the U.S. are already experiencing the benefits of this therapy, and our goal is to make it available to patients in Europe and other parts of the world as quickly and responsibly as possible, to ensure avoidance of a radical cystectomy.

ImmunityBio Inc. (NASDAQ:IBRX) is a clinical-stage biotech company developing next-generation immunotherapies and cell therapies to harness the body’s immune system against cancers and infectious diseases, notably with their FDA-approved drug ANKTIVA for bladder cancer, which activates immune cells for long-lasting responses, and by exploring treatments for long COVID.

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Disclosure: None. This article is originally published at Insider Monkey.