Desk note
Saturday tape
ImmunityBio is Anktiva’s ramp plus Soon-Shiong’s cap table. Q2 product $50.7M +92%, 1H $94.8M, cash $357M, GAAP loss $230M on related-party marks. Spot $7.79 is −37% from $12.43 and $5 under a $12.75 mean that 5/5 analysts still hold. Trade the ramp and the Jan 6 2027 PDUFA, not the GAAP loss.
Last cash session Friday Aug 21 · close $7.79 · −$0.05
Price
IBRX
6M +29.40%
Snapshot
Launch is real. Structure is the discount.
Market cap
$6.9B
vs 52-week
-37.33%
Q2 product
$50.7M
+92%
1H product
$94.8M
+121%
Cash 6/30
$357M
Q2 GAAP loss
$230M
mostly marks
J-code
J9028
PDUFA
Jan 6 2027
Street
5 analysts
$13
Mean target · +63.67% vs spot
High $15 · Low $12 · Median $12
5
Buy
0
Hold
0
Sell
Strong Buy
tilt
Next
Aug 28 expiry
2026-08-28
6C in-the-money. 7.50 is the LEAP magnet, not this Friday.
PT tape
What changed after the print
| Date | Firm | Action | Target |
|---|---|---|---|
| 08-05 | Piper Sandler | Overweight | $15 |
| 08-05 | H.C. Wainwright | Buy | $14 |
| 08-04 | B. Riley | Buy | $12 |
| 05-20 | Cantor | Overweight | $12 |
| 05-12 | Jones | Buy | $13 |
Research desk compiled August 22, 2026. Quotes delayed. Options from Cboe delayed chain. Not investment advice, not a solicitation, and not affiliated with ImmunityBio, Inc..