ImmunityBio initiated with a Buy at BTIG

BTIG analyst Justin Zelin initiated coverage of ImmunityBio (IBRX) with a Buy rating and $6 price target Lead product Anktiva is approved in BCG-unresponsive non-muscle invasive bladder cancer based on “compelling” complete response rates and durability, says the analyst, who sees the company’s partnership with Serum Institute of India for development of recombinant BCG as “a prudent approach to address the BCG shortage long-term.”