ImmunityBio Inc. (NASDAQ:IBRX) shares are down on Wednesday, cooling off from a huge up move as the company is reportedly experiencing significant revenue growth.
This surge follows a strong performance driven by the sales of its lead drug, Anktiva, which has gained traction in the market.
The stock has jumped over 50% over the last month, thanks to investor interest after preliminary earnings and several strategic partnerships.
Anktiva Sales Surge: 750% Unit Increase
ImmunityBio reported a remarkable year-over-year revenue increase, with sales jumping from $7.56 million to $38.29 million, surpassing the consensus estimate of $37.02 million.
The company also noted a 750% unit sales volume increase for Anktiva, which is now approved in 33 countries for treating non-muscle invasive bladder cancer.
The announcement highlighted ImmunityBio’s strategic partnerships and ongoing clinical trials, positioning Anktiva as a key component of its cancer treatment platform.
The company is also preparing to submit additional information to the U.S. Food and Drug Administration regarding its supplemental biologics license application for Anktiva.
Last Friday, ImmunityBio inked a partnership with Biopharma and Cigalah, healthcare commercial and distribution companies in the Middle East, to launch Anktiva in Saudi Arabia and, over time, across the broader MENA region.
Under the agreement, Biopharma and Cigalah Healthcare will support the commercialization and distribution of Anktiva in two indications: In combination with Bacillus Calmette-Guérin (BCG) for patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) carcinoma in situ, with or without papillary disease; and in combination with a checkpoint inhibitor for patients with metastatic non-small cell lung cancer.
ImmunityBio has established a wholly owned subsidiary in Saudi Arabia to support its distribution, commercialization, and growth across the Middle East and North Africa.
The broader market experienced mixed results on the previous trading day, with the healthcare sector showing resilience, up 1.11%. This contrasts with the overall market’s performance, suggesting that ImmunityBio’s gains may be driven by company-specific developments rather than broader market trends.
IBRX Outperforms with Strong SMA Indicators
The stock is currently trading 5.6% above its 20-day simple moving average (SMA) and 8.4% above its 100-day SMA, indicating a strong short-term trend. Shares have increased significantly over the past 12 months and are currently positioned closer to their 52-week highs than lows.
The RSI is at 50.00, which is considered neutral territory, suggesting the stock is neither overbought nor oversold. Meanwhile, MACD is at 0.10, below its signal line at 0.15, indicating a slight bearish pressure on the stock.
The combination of neutral RSI and bearish MACD suggests mixed momentum, indicating that while the stock has shown strength, there may be some caution among traders.
- Key Resistance: $12.50
- Key Support: $11.50
IBRX Price Action: ImmunityBio shares were down 10.49% at $12.17 at the time of publication on Wednesday. The stock is trading near its 52-week high of $12.28, according to Benzinga Pro data.
