ImmunityBio (IBRX) Stock Soars as Hedge Fund Bets Big on Cancer Drug

TLDR

• ImmunityBio (IBRX) stock rose over 12% and closed at $8.83 on September 29, 2026.
• The GA-Courtenay Special Situations Fund named ImmunityBio a top holding in its Q2 2026 letter.
• The fund sees Anktiva’s addressable market above $5.8 billion a year, with room to grow past $43 billion if lung cancer approval follows.
• ImmunityBio recently partnered with Accord Healthcare to expand Anktiva access across 30 countries.
• A new Phase 1b trial is testing N-803 combined with two other cancer drugs in bladder cancer patients.

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ImmunityBio (IBRX) stock closed at $8.83 on September 29, 2026, up more than 12% on the day. The stock has gained over 11% in the past month and more than 256% over the past year.

ImmunityBio, Inc., IBRX

That run has put the company on the radar of investment funds looking for growth stories in biotech. The GA-Courtenay Special Situations Fund, run by Green Ash Partners, flagged ImmunityBio as a standout pick in its Q2 2026 investor letter.

The fund pointed to ImmunityBio’s manufacturing capacity as the core of its thesis. The company can produce one million vials a year of its flagship drug, Anktiva, which lists at $35,000 per dose.

Based on that output, the fund estimates an addressable market above $5.8 billion in yearly revenue from Anktiva’s current approvals alone. It also cited a 99% trailing gross margin on the drug.

What Could Push the Market Higher

The fund’s estimate doesn’t stop at $5.8 billion. Anktiva already has approval outside the US for lung cancer treatment, and the fund expects US approval could arrive by 2028.

If that happens, the fund believes the addressable market could expand beyond $43 billion a year. That forecast assumes conservative pricing throughout.

ImmunityBio has also been active on the partnership front. The company teamed up with Accord Healthcare to expand Anktiva access across 30 countries, including the UK, the EU, Norway, Iceland, and Liechtenstein.

Accord will put more than 100 sales, medical, and marketing staff behind the rollout. ImmunityBio also set up an Irish subsidiary in Dublin to support distribution across Europe.

Founder Patrick Soon-Shiong said the goal is to widen access to Anktiva by finishing a randomized trial in patients with BCG-naïve disease. That refers to bladder cancer patients who haven’t yet received BCG immunotherapy or who relapsed long after treatment.

ImmunityBio also secured EU approval for Anktiva in combination with BCG. That approval came just days after Saudi regulators encouraged the company to file for its recombinant BCG therapy to help ease treatment shortages.

Clinical Trial Progress

The company is also in talks with Saudi regulators about pairing Anktiva with checkpoint inhibitors across multiple tumor types. Last month, Saudi regulators granted accelerated approval for Anktiva in metastatic non-small cell lung cancer and BCG-unresponsive bladder cancer.

On the trial side, ImmunityBio is running a new Phase 1b study combining N-803, pembrolizumab, and enfortumab vedotin. The trial targets patients with treatment-naïve metastatic urothelial carcinoma, a form of advanced bladder cancer.

The study uses a single treatment arm, meaning every patient gets the same drug combination. It is open-label, so both doctors and patients know which drugs are being used.

The trial was first submitted on October 14, 2025. Its record was last updated on September 21, 2026, pointing to renewed movement toward site activation.

The study is still in the setup phase and has not started recruiting patients yet. Investors can track updates through the ClinicalTrials portal as the program moves forward.

ImmunityBio holds a market capitalization of $9.35 billion. Its 52-week trading range sits between $1.95 and $12.43.