H.C. Wainwright starts coverage of ImmunityBio with 'buy' rating

Brokerage H.C. Wainwright starts coverage on cancer therapy maker ImmunityBio IBRX.O with "buy" rating and $8 PT; represents 161% upside to the stock's last close

Brokerage says co is expected to see "compelling growth opportunity for 2025" in its bladder cancer therapy, Anktiva; estimates $4.3 bln in sales by 2034

Believes Anktiva can be a "backbone therapy" with a wide range of applications, but its value is "highly underappreciated"

Anktiva + BCG vaccine achieved the highest complete response rate, 62%, outperforming competitors like Merck's MRK.N Keytruda and Ferring's Adstiladrin - Brokerage

Last month, FDA authorized co's new version of the BCG vaccine to treat bladder clancer

IBRX fell ~51% in 2024