Justin Zelin, an analyst from BTIG, maintained the Buy rating on ImmunityBio (IBRX – Research Report). The associated price target remains the same with $6.00.
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Justin Zelin has given his Buy rating due to a combination of factors that highlight the potential of ImmunityBio’s recent developments. A significant reason for the positive outlook is the FDA’s authorization of an Expanded Access Program for the recombinant BCG (rBCG), which ImmunityBio developed in collaboration with the Serum Institute of India. This program is expected to mitigate the current shortage of TICE BCG, facilitating the adoption and use of ANKTIVA in treating non-muscle invasive bladder cancer.
The agreement with the Serum Institute of India also ensures a steady global supply of both standard and next-generation recombinant BCG, which has shown promising trial results in Europe. The availability of rBCG is anticipated to address supply issues and increase the uptake of ANKTIVA, aided by the implementation of a permanent J code. Additionally, market expectations for ANKTIVA sales indicate growth, with a substantial increase projected for 2025, further supporting the Buy recommendation.
According to TipRanks, Zelin is a 4-star analyst with an average return of 4.8% and a 32.49% success rate. Zelin covers the Healthcare sector, focusing on stocks such as Viking Therapeutics, IDEAYA Biosciences, and Verastem.