ImmunityBio (IBRX) Clinical Trial for Lymphona Drug Follows $505M Convertible Note Change

ImmunityBio Inc. (NASDAQ:IBRX) is one of the 13 hot stocks to buy with the highest upside potential. On February 2, ImmunityBio Inc. (NASDAQ:IBRX) announced that it has initiated a Phase 2 clinical trial evaluating a novel combination immunotherapy for patients with indolent B-cell non-Hodgkin lymphoma (iNHL).

Meanwhile, on January 26, ImmunityBio Inc. (NASDAQ:IBRX) amended a $505 million convertible promissory note with Nant Capital LLC, allowing the noteholder to convert any portion of the outstanding principal into fully paid and nonassessable shares of ImmunityBio’s common stock at any time before the note’s maturity date.

On the same day, H.C. Wainwright raised its price target on ImmunityBio Inc. (NASDAQ:IBRX) to $10 from $8, while maintaining a Buy rating. H.C. Wainwright also observed that while ImmunityBio has not been profitable over the last twelve months, the company’s financial position shows liquid assets exceeding short-term obligations with a current ratio of 5.77, as well as a moderate level of debt.

ImmunityBio, Inc. is a clinical-stage immunotherapy company developing next-generation therapies that drive immunogenic mechanisms to defeat cancers and infectious diseases.

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