Hedge funds don't need headlines to move — they need inflection points. ImmunityBio Inc (NASDAQ:IBRX) just delivered one. ImmunityBio stock has gone vertical, up nearly 96% year-to-date, but the real story isn't the stock move. It's the number behind it.
On Thursday, ImmunityBio reported ~$113 million in 2025 revenue, marking a staggering 700% year-over-year increase — the kind of acceleration that turns early positioning into visible validation.
The Revenue Inflection Hedge Funds Were Positioned For
The most important data point wasn't just the full-year figure. Fourth quarter revenue surged to $38.3 million, up 431% year-over-year, driven by the rapid commercial scaling of ImmunityBio's lead oncology therapy, Anktiva.
In biotech, speed matters.
Many drugs launch slowly, struggle to gain traction, or stall entirely. Anktiva's ramp stands out because it's scaling faster than most oncology treatments at a similar stage — shifting the narrative from binary trial risk to execution and demand. That's the moment sophisticated investors wait for.
Why Citadel and Renaissance Were Already In
This surge didn't catch everyone off guard. Renaissance Technologies initiated its position in the quarter ending Sept. 30, 2025, while Ken Griffin's Citadel Advisors increased its stake by more than 40% during the same period. These weren't momentum chases — they were anticipatory bets on commercialization velocity.
For funds like these, the thesis wasn't about whether Anktiva would reach the market. It was about whether revenues would scale faster than consensus expected. The latest numbers suggest that the bet is starting to pay off.
Why It Matters For Investors
At around $5 a share, ImmunityBio is still treated like a speculative biotech. But 700% revenue growth forces a reassessment.
When early hedge fund positioning meets real sales acceleration, the market tends to shift from debating possibility to pricing pace. And once that transition begins, volatility usually cuts both ways — often with speed on the upside.
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