ImmunityBio, Inc. (IBRX)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$8.22-1.08%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge ImmunityBio, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	72.04M
EPS	—	-0.065
Annual ending 2026-12-31
Revenue	—	226.56M
EPS	—	-0.96
Annual ending 2027-12-31
Revenue	—	471.9M
EPS	—	-0.114

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Operating loss improves from -$69.79M in 2026-Q1	A primary condition in ImmunityBio, Inc.'s published investment case. The stated target is Operating loss less negative than -$50 million.	Intact	Operating loss worsens beyond -$70 million in FY26	Operating income: $-61.697M FY2026-Q2; GAAP. Published target: Operating loss less negative than -$50 million. Target period is not explicitly aligned with this observation. Source published Aug 4, 2026-61,697,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: c6b444bb-3dda-4afc-aea9-bc8a04825157. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
FDA approvals and strategic partnerships advance	A supporting condition in ImmunityBio, Inc.'s published investment case. The stated target is Maintain FDA approvals and at least one strategic partnership.	Intact	Loss of FDA approval or no new partnerships in 12 months	1 strategic partnership secured (JBL) vs >=1 target JBL supply agreement signed May 2026; positive ANKTIVA data and Turkish expansion meeting reinforce pipeline. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue grows to at least $113M in FY26	A primary condition in ImmunityBio, Inc.'s published investment case. The stated target is >= $113 million.	Intact	Revenue falls below $100 million in FY26	Revenue: $51.24M FY2026-Q2; GAAP. Published target: >= $113 million. Target period is not explicitly aligned with this observation. Source published Aug 4, 202651,240,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: c6b444bb-3dda-4afc-aea9-bc8a04825157. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Net product revenue increased from $38.3 million in 2025-Q4 to $44.2 million in 2026-Q1 and further to $50.7 million in 2026-Q2, marking eight consecutive quarters of sequential growth. Full-year 2025 revenue was $113.0 million, a 700% increase over 2024. The trajectory is delivering consistent growth aligned with management's stated priority. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	1 / 3
2026-07-25	Unavailable	Unavailable	2 / 2
2026-07-26	Unavailable	Unavailable	1 / 3
2026-07-27	Unavailable	Unavailable	2 / 2
2026-07-28	Unavailable	Unavailable	1 / 3
2026-07-29	Unavailable	Unavailable	2 / 2
2026-07-30	Unavailable	Unavailable	2 / 3
2026-07-31	Unavailable	Unavailable	1 / 4
2026-08-01	Unavailable	Unavailable	2 / 3
2026-08-02	Unavailable	Unavailable	1 / 4
2026-08-03	Unavailable	Unavailable	1 / 4
2026-08-04	Unavailable	Unavailable	1 / 4
2026-08-05	Unavailable	Unavailable	1 / 4
2026-08-06	Unavailable	Unavailable	1 / 4
2026-08-07	Unavailable	Unavailable	2 / 3
2026-08-08	Unavailable	Unavailable	2 / 3
2026-08-09	Unavailable	Unavailable	3 / 4
2026-08-10	Unavailable	Unavailable	2 / 3
2026-08-12	Unavailable	Unavailable	2 / 3
2026-08-13	Unavailable	Unavailable	2 / 3
2026-08-14	Unavailable	Unavailable	2 / 3
2026-08-15	Unavailable	Unavailable	3 / 3
2026-08-16	Unavailable	Unavailable	3 / 3
2026-08-17	Unavailable	Unavailable	3 / 3
2026-08-18	Unavailable	Unavailable	3 / 3
2026-08-19	Unavailable	Unavailable	3 / 3
2026-08-20	Unavailable	Unavailable	3 / 3
2026-08-21	Unavailable	Unavailable	3 / 3
2026-08-22	Unavailable	Unavailable	3 / 3
2026-08-23	Unavailable	Unavailable	3 / 3
2026-08-24	Unavailable	Unavailable	3 / 3
2026-08-25	Unavailable	Unavailable	3 / 3
2026-08-26	Unavailable	Unavailable	3 / 3
2026-08-27	Unavailable	Unavailable	3 / 3
2026-08-28	Unavailable	Unavailable	3 / 3
2026-08-29	Unavailable	Unavailable	3 / 3
2026-08-30	Unavailable	Unavailable	3 / 3
2026-08-31	Unavailable	Unavailable	3 / 3
2026-09-01	Unavailable	Unavailable	3 / 3
2026-09-02	Unavailable	Unavailable	3 / 3
2026-09-03	Unavailable	Unavailable	3 / 3
2026-09-04	Unavailable	Unavailable	3 / 3
2026-09-05	Unavailable	Unavailable	3 / 3
2026-09-06	Unavailable	Unavailable	3 / 3
2026-09-07	Unavailable	Unavailable	3 / 3
2026-09-08	Unavailable	Unavailable	3 / 3
2026-09-09	Unavailable	Unavailable	3 / 3
2026-09-10	Unavailable	Unavailable	3 / 3
2026-09-11	Unavailable	Unavailable	3 / 3
2026-09-12	Unavailable	Unavailable	3 / 3
2026-09-13	Unavailable	Unavailable	3 / 3
2026-09-14	Unavailable	Unavailable	3 / 3
2026-09-15	Unavailable	Unavailable	3 / 3
2026-09-16	Unavailable	Unavailable	3 / 3
2026-09-17	Unavailable	Unavailable	3 / 3
2026-09-18	Unavailable	Unavailable	3 / 3
2026-09-19	Unavailable	Unavailable	3 / 3
2026-09-20	Unavailable	Unavailable	3 / 3
2026-09-21	Unavailable	Unavailable	3 / 3
2026-09-22	Unavailable	Unavailable	3 / 3
2026-09-23	Unavailable	Unavailable	3 / 3
2026-09-24	Unavailable	Unavailable	3 / 3
2026-09-25	Unavailable	Unavailable	3 / 3
2026-09-26	Unavailable	Unavailable	3 / 3
2026-09-27	Unavailable	Unavailable	3 / 3
2026-09-28	Unavailable	Unavailable	3 / 3
2026-09-29	Unavailable	Unavailable	3 / 3
2026-09-30	Unavailable	Unavailable	3 / 3
2026-10-01	Unavailable	Unavailable	3 / 3
2026-10-02	Unavailable	Unavailable	3 / 3
2026-10-03	Unavailable	Unavailable	2 / 3
2026-10-04	Unavailable	Unavailable	2 / 3
2026-10-05	Unavailable	Unavailable	2 / 3
2026-10-06	Unavailable	Unavailable	2 / 3
2026-10-07	Unavailable	Unavailable	2 / 3
2026-10-08	Unavailable	Unavailable	2 / 3
2026-10-09	Unavailable	Unavailable	2 / 3
2026-10-10	Unavailable	Unavailable	2 / 3
2026-10-11	Unavailable	Unavailable	2 / 3
2026-10-12	Unavailable	Unavailable	2 / 3
2026-10-13	Unavailable	Unavailable	2 / 3
2026-10-14	Unavailable	Unavailable	2 / 3
2026-10-15	Unavailable	Unavailable	2 / 3
2026-10-16	Unavailable	Unavailable	2 / 3
2026-10-17	Unavailable	Unavailable	2 / 3
2026-10-18	Unavailable	Unavailable	3 / 3
2026-10-19	Unavailable	Unavailable	3 / 3
2026-10-20	Unavailable	Unavailable	3 / 3
2026-10-21	Unavailable	Unavailable	3 / 3
2026-10-22	Unavailable	Unavailable	3 / 3
2026-10-23	Unavailable	Unavailable	3 / 3
2026-10-24	Unavailable	Unavailable	3 / 3

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	5	0	0
2026-06-01	3	0	0
2026-07-01	4	0	0
2026-08-01	4	0	0
2026-09-01	4	0	0
2026-10-01	4	0	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 4 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades2 maintains

Recent actions · Sep 25–Oct 24 · 2 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Piper SandlerOct 14

$16.00New observation · no comparable prior

JefferiesOct 14

$14.00New observation · no comparable prior

$0$8.80$17.60

0 raises · 0 cuts · 0 unchanged · 2 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Operating loss improves from -$69.79M in 2026-Q1Operating income: $-61.697M
Revenue grows to at least $113M in FY26Revenue: $51.24M

Next proof point

Nov 3, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

2 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.6%Typical daily move · historical

Downside history

-42.3%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

ImmunityBio, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a speculative growth story, not yet a proven compounder, because it is loss-making and depends on product growth and clinical progress. The long-term thesis is on watch: sales are advancing, but recent financial performance remains below its industry cohort.

What's priced into ImmunityBio, Inc.

IBRX is expensive versus peers, with valuation partly tied to the possibility of future gains from its product and clinical programs. The expectations gap is positive, but confidence in that estimate is low; the evidence describes the valuation premium as driven by optionality, not by established earnings.

What the fundamentals likely do

Near term, product revenue has grown for eight consecutive quarters, and the latest two earnings updates were in line. Management has also advanced clinical and regulatory work, though progress on BCG supply partnerships is mixed. Losses, elevated risk, and the possibility of guidance cuts remain important constraints.

What ImmunityBio, Inc. hinges on

Over the next one to three years, the thesis depends on continued product-sales growth, progress toward planned regulatory submissions, and reliable BCG supply. Near term, weaker guidance or a worsening jobs backdrop could weigh on the business setup, while strength among healthcare bellwethers would support the sector context.