Shares of ImmunityBio (IBRX) closed at $8.83 on September 29, 2026, finishing the session more than 12% higher. The biotechnology company's stock has advanced over 11% in the past month and surged more than 256% across the last twelve months, a run that has drawn the attention of institutional investors scanning the biotech sector for promising opportunities.

Among them is Green Ash Partners, whose GA-Courtenay Special Situations Fund designated ImmunityBio one of its leading positions in its second-quarter 2026 investor letter, as reported by Yahoo Finance. Letters of this kind are among the few public windows into how institutional investors assess a company, and this one lays out the arithmetic behind the firm's positioning.

The fund centered its investment thesis on ImmunityBio's manufacturing infrastructure. According to the letter, the company is capable of producing one million vials annually of Anktiva, its lead therapeutic product, which carries a list price of $35,000 per treatment. Based on that production capacity and Anktiva's existing regulatory clearances alone, the fund calculates a yearly addressable revenue opportunity exceeding $5.8 billion. The fund also flagged the medication's 99% trailing gross profit margin. Because those figures originate from the fund's analysis rather than company guidance, they frame manufacturing scale and profitability as the metrics anchoring the outside case for the shares.

Expansion Potential Beyond Current Markets

The fund's revenue projections extend well beyond that baseline. Anktiva has secured international authorization for lung cancer therapy, and the fund anticipates that United States approval could materialize by 2028. Should that regulatory clearance occur, the fund projects the drug's total addressable market might surpass $43 billion annually, a forecast built on cautious pricing assumptions across indications. The distance between the two figures highlights how much of the fund's long-term sizing rests on a regulatory outcome that has not yet been secured.

ImmunityBio, for its part, has maintained an aggressive collaboration strategy. The company established an alliance with Accord Healthcare aimed at broadening Anktiva's availability across 30 nations, encompassing the United Kingdom, European Union member states, Norway, Iceland, and Liechtenstein. Accord plans to deploy more than 100 professionals across sales, medical affairs, and marketing functions to support the launch. ImmunityBio has simultaneously set an Irish operating entity in Dublin to facilitate European distribution operations. The pace at which that commercial infrastructure comes online provides concrete, markers of the rollout's execution.

Founder Patrick Soon-Shiong has stated that the company's objective is to expand Anktiva's accessibility by completing a randomized clinical study in BCG-naïve patients, a designation covering bladder cancer patients who have not previously undergone BCG immunotherapy or who experienced a late relapse following prior treatment. Completion milestones from that study are therefore a development to track, since the founder has tied it directly to widening patient access.

ImmunityBio additionally obtained European Union authorization for Anktiva when administered in combination with BCG. That regulatory milestone came shortly after Saudi Arabian authorities encouraged the company to submit applications for its recombinant BCG therapy in order to address treatment supply constraints.

Ongoing Clinical Development

The biotech company remains in ongoing discussions with Saudi regulators regarding Anktiva's combination with checkpoint inhibitor therapies across various cancer types. Last month, Saudi regulatory bodies granted expedited approval for Anktiva in metastatic non-small cell lung cancer and BCG-unresponsive bladder cancer indications. Layered on top of the European clearance, these approvals show the company's regulatory footprint expanding across several jurisdictions at once — the same breadth underpinning the fund's capacity-based revenue estimate.

On the clinical research front, ImmunityBio has initiated a Phase 1b investigation combining N-803, pembrolizumab, and enfortumab vedotin. The study enrolls patients diagnosed with treatment-naïve metastatic urothelial carcinoma, an advanced form of bladder cancer. It employs a single-arm design, administering the identical drug combination to all participants, and follows an open-label format, meaning both medical professionals and patients know which therapeutic regimen is being given.

The trial received its initial submission on October 14, 2025, and its documentation was most recently revised on September 21, 2026, suggesting progress toward site activation procedures. The study remains in preparatory stages and has not yet commenced patient enrollment; stakeholders can monitor developments through the ClinicalTrials portal as the research program advances. A move from preparatory work into active recruitment would be the program's next visible step.

ImmunityBio currently maintains a market capitalization of $9.35 billion, and its stock's 52-week price range extends from $1.95 to $12.43. That range — a more than sixfold spread between low and high — underscores the scale of the repricing that has drawn institutional attention over the past year.

Source: Blockonomi