• Piper Sandler has increased its price target for ImmunityBio to $16.00 from $12.00, suggesting a significant upside.
• The FDA has expanded approval for ImmunityBio's ANKTIVA treatment for certain forms of bladder cancer.
• This expanded approval broadens the eligible patient population for ImmunityBio's innovative cancer therapy.

Investment firm Piper Sandler has raised its ImmunityBio (NASDAQ:IBRX) price target to $16.00 from $12.00. At the current share price of $9.91, this new target suggests an upside of approximately 61.5%. It's important to remember that a price target is an analyst’s estimate of where a stock could trade, not a guaranteed return on investment.

ImmunityBio specializes in developing innovative cancer treatments, including ANKTIVA, which targets specific forms of bladder cancer. The FDA recently expanded its approval for ANKTIVA, used in conjunction with Bacillus Calmette-Guérin (BCG), to encompass patients with non-muscle-invasive bladder cancer that is unresponsive to BCG and presents with papillary-only tumors. This significant development was highlighted by Business Wire.

This expanded FDA approval signifies that the treatment now addresses both papillary-only disease and carcinoma in situ (CIS), another type of bladder cancer. Consequently, ImmunityBio gains access to a broader group of eligible patients, enhancing the potential market for its therapy. However, the approval itself does not indicate the precise number of patients who will ultimately receive the treatment.

ImmunityBio shares are currently trading at $9.91, marking an increase of $0.11, or 1.12%. The stock's intraday range has been from $9.35 to $10.45, while its 52-week range spans from $1.95 to $12.43. The company's market capitalization, representing the total value of its outstanding shares, stands at approximately $10.50 billion, with around 29.80 million shares traded.