Immunitybio nasdaq Ibrx Stock Soars over 30 Today Heres Why

ImmunityBio (NASDAQ: IBRX) Stock Soars Over 30% Today – Here’s Why

ImmunityBio (NASDAQ: IBRX) stock surged over 30% in the early trading hours Monday following promising overall survival data release from a clinical trial evaluating its immunotherapy drug, Anktiva, for non-small cell lung cancer (NSCLC).

ImmunityBio (IBRX) recently released promising overall survival results from its QUILT 3.055 study, marking a significant advancement in the treatment of non-small cell lung cancer (NSCLC). The trial focused on 2nd- and 3rd-line NSCLC patients whose disease progressed after checkpoint inhibitor therapy and standard-of-care chemotherapy demonstrated encouraging outcomes with Anktiva administration.

ImmunityBio’s Anktiva Shows Promise in QUILT 3.055 Trial

In the QUILT 3.055 trial, the company administered Anktiva with the same checkpoint inhibitor to NSCLC patients who had relapsed or were refractory to checkpoint inhibitors. This combination therapy led to the rescue of checkpoint therapy efficacy, resulting in a substantial overall survival prolongation.

The company said Anktiva demonstrated positive results in both PD-L1 negative and PD-L1 positive participants with NSCLC, highlighting its broad potential across diverse patient populations.

Anktiva, an IL-15 agonist immunotherapy, works by activating the body’s natural killer cells and killer T-cell immune system to target and destroy tumor cells. 

The company noted,

“Data reaffirms the mechanism of action of Anktiva as an immune cell enhancer that activates natural killer cells and memory T cells to rescue checkpoint inhibitor failures across multiple tumor types.”

The company has scheduled a pivotal meeting with the U.S. Food and Drug Administration (FDA) in June to discuss the path to registration filing of Anktiva in combination with checkpoint inhibitors for 2nd- and 3rd-line NSCLC patients who previously did not respond to checkpoint therapy.

Last week, ImmunityBio received clearance from the U.S. health regulator for its Anktiva-Bacillus Calmette-Guérin combination therapy for a specific type of bladder cancer.

ImmunityBio has also announced plans to host a conference call to discuss registration plans for NSCLC and provide updates on the launch readiness of Anktiva for non-muscle invasive bladder cancer. The company anticipates the availability of the first vials of Anktiva for shipment from the week of May 6, 2024.

ImmunityBio (NASDAQ: IBRX) Stock Movement

At the time of this report, IBRX stock is trading at $9.86, showing a 34.13% increase from the previous trading session.