ImmunityBio Inc. (NASDAQ: IBRX) has emerged as one of the most remarkable success stories on Wall Street this week, with shares skyrocketing 127% in just five trading sessions. The commercial-stage biotechnology company's extraordinary rally came after a cascade of positive news that has fundamentally transformed its investment thesis.

A Week That Changed Everything

The biotechnology company's shares closed Friday at $5.52, capping a week that saw trading volume surge to approximately 176 million shares—more than 1,200% above its three-month average. For investors who had held through ImmunityBio's challenging journey, the week delivered validation that had been years in the making.

The rally began with the company's preliminary fourth-quarter results, which showed net product revenue of approximately $113 million for full-year 2025—representing a stunning 700% increase compared to the prior year. This explosive growth was driven primarily by the accelerating adoption of Anktiva, the company's flagship immunotherapy drug approved for treating non-muscle invasive bladder cancer.

"The accelerating adoption of Anktiva and continued execution of our commercial strategy delivered exceptional results in the fourth quarter and throughout 2025."

— Richard Adcock, ImmunityBio President and CEO

The Anktiva Story: From Approval to Market Leader

Anktiva received FDA approval in April 2024 for BCG-unresponsive non-muscle invasive bladder cancer, a market that had seen limited innovation for decades. The drug works by boosting the body's natural killer cells and T cells to attack cancer, representing a fundamentally different approach than traditional treatments.

Fourth-quarter 2025 revenue reached approximately $38.3 million, surpassing the third quarter's $31.8 million and marking a 20% sequential increase. The company maintained a remarkable 54% quarter-over-quarter unit volume growth rate throughout fiscal 2025, demonstrating consistent market penetration.

Global Expansion Accelerates

The week's news wasn't limited to financial results. ImmunityBio secured accelerated approvals from the Saudi Food and Drug Authority for Anktiva in both metastatic non-small cell lung cancer and BCG-unresponsive non-muscle invasive bladder cancer. The company also announced plans for a new regional office and distribution partnership in Saudi Arabia, opening a significant new market.

With approvals now in hand in the United States, United Kingdom, and conditional approval in the European Union, Anktiva is rapidly becoming a global cancer treatment franchise.

Clinical Trial Momentum Builds

Perhaps most significant for long-term investors, ImmunityBio reported that enrollment in its pivotal QUILT-2.005 trial for BCG-naïve bladder cancer has exceeded internal expectations. The randomized registrational trial is now more than 85% enrolled, with full enrollment anticipated by the second quarter of 2026.

Interim data from the trial showed compelling results:

  • At six months, 85% of patients receiving Anktiva plus BCG maintained a complete response, compared with 57% of patients receiving BCG alone
  • At nine months, 84% of subjects in the experimental arm maintained a complete response versus 52% for BCG alone
  • The difference reached statistical significance (p=0.0455) despite the limited sample size

Based on the current enrollment trajectory, ImmunityBio anticipates submitting a biologics license application to the FDA by the end of 2026, potentially opening a market significantly larger than the BCG-unresponsive indication.

Wall Street Takes Notice

The dramatic week has caught the attention of institutional investors and analysts alike. Citadel, the hedge fund giant, had previously taken a position in the company, and the 700% revenue growth vindicated their thesis. Analyst Jason Kolbert from D. Boral Capital raised his price target to $24.00—more than four times the current price.

The analyst community remains relatively small for ImmunityBio, with only three firms actively covering the stock. The median price target of $9.00 implies significant upside potential even after this week's rally.

What Investors Should Know

Despite the extraordinary gains, ImmunityBio remains a speculative investment with significant risks. The company is not yet profitable, and success depends on continued Anktiva adoption and positive outcomes from ongoing clinical trials. The biotechnology sector is notoriously volatile, and gains of this magnitude can reverse quickly.

However, for investors seeking exposure to the oncology immunotherapy space, ImmunityBio's transformation from clinical-stage company to commercial success story represents a notable development. The 700% revenue growth isn't just a number—it reflects real cancer patients receiving treatment and physicians embracing a new therapeutic option.

As the broader market debates whether 2026 will deliver another year of gains, ImmunityBio has already delivered life-changing returns for shareholders who believed in its cancer-fighting mission. Whether the rally has more room to run depends on the company's ability to sustain its growth trajectory and advance its pipeline toward additional approvals.