## EF Hutton Sees Big Potential in ImmunityBio’s Anktiva, Giving it a Buy Rating and $30 Price Target
Investment firm EF Hutton has thrown its weight behind ImmunityBio Inc. (IBRX), a biotechnology company focused on developing therapies and vaccines that bolster the body’s natural immune system to fight cancer and infectious diseases. EF Hutton has initiated coverage on IBRX with a resounding Buy rating and a price target of $30, representing an astonishing upside of over 800% from current levels.
The bullish stance is driven by the company’s flagship drug, Anktiva (N-803, or nogapendekin alfa inbakicept-pmln). Anktiva, when used in combination with Bacillus Calmette-Guérin (BCG), has received FDA approval for treating BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ, with or without papillary tumors. This approval signifies a crucial step forward in addressing a challenging form of bladder cancer.
EF Hutton believes that Anktiva holds the key to revolutionizing cancer immunotherapy by amplifying the efficacy of immune-based treatments. The analyst highlights that Anktiva has the potential to enhance patient outcomes, leading to higher complete response rates and long-term disease control. This could significantly minimize the need for radical surgeries and broaden the range of available immuno-oncology treatments.
Further bolstering the case for Anktiva, clinical trials have revealed its ability to enhance the effectiveness of checkpoint inhibitors, a class of drugs that target specific proteins on immune cells to unleash the immune system’s power to fight cancer. Anktiva, by stimulating the activity of natural killer (NK) and CD8+ T cells, can help ‘heat’ cold tumors, making them more susceptible to checkpoint inhibitor therapies.
Recent data from ImmunityBio’s QUILT 3.055 trial in patients with advanced non-small cell lung cancer (NSCLC) further underscores the potential of Anktiva. The trial demonstrated long-term extended survival, with patients living for 14 months to as much as five years after receiving treatment with checkpoint inhibitors in combination with Anktiva. This phase 2b study, conducted across multiple tumor types including NSCLC, showed impressive overall survival rates of 57% at 12 months and 34% at 18 months, exceeding current standards of care.
While IBRX stock was down slightly on Wednesday, EF Hutton’s bullish stance and the promising data surrounding Anktiva’s potential to transform cancer immunotherapy highlight a significant opportunity for ImmunityBio in the future. Investors will be closely watching how Anktiva performs in ongoing clinical trials and its potential to gain further regulatory approvals.