ImmunityBio Inc. (NASDAQ:IBRX) saw its share price jump by 9.94 percent on Tuesday to finish at $9.29 apiece following a high-profile meeting between its founder, Dr. Patrick Soon-Shiong, and Turkish President Recep Tayyip Erdogan, fueling optimism around the listed firm’s planned expansion into Turkey.
The Turkish government posted a photo of Erdogan and Soon-Shiong on Tuesday, which the latter reposted along with the caption: “Under his leadership, Turkey will be the center of excellence for patients with cancer in the region.”
While no further details were disclosed, the meeting sparked buying among investors on confidence that its planned expansion in Turkey is making progress.
Photo by Tima Miroshnichenko on Pexels
Expansion to 34 Countries
It can be recalled that ImmunityBio Inc. sought the approval of various countries and regions for the sale and marketing of Anktiva—an FDA-approved immunotherapy medication to treat specific types of non-muscle invasive bladder cancer.
So far, the drug has been accepted in 34 countries, including the US, the UK, Saudi Arabia, Macau, and European countries, raising prospects for further revenue expansion.
To support the initiative, ImmunityBio Inc. has successfully raised $100 million in fresh funds, of which $75 million was drawn from a non-dilutive financing from Oberland Capital, while another $25 million was raised from a debt-to-share conversion by Nant Capital LLC, a company affiliated with Soon-Shiong.
Anktiva Propels Q2 Profits
Anktiva was owed for ImmunityBio Inc.’s stellar revenue performance in the second quarter of the year, having nearly doubled last year’s figures.
During the quarter, total revenues ended at $51.24 million, marking a jump of 94 percent from the $26.4 million in the same period last year.
Net loss, however, widened by 148 percent to $230.39 million from $ 92.57 million year-on-year amid higher costs and loss before income taxes and non-controlling interests.
Strong Hedge Fund Conviction
Institutional investors remained bullish for ImmunityBio Inc. in the second quarter of the year, as evidenced by the surge in their committed capital.
Data from Insider Monkey showed that during the period, 27 hedge funds held positions in the stock, up from 25 in the previous quarter.
More notably, their combined holdings climbed by 62.6 percent to $314.9 million from $193.7 million quarter-on-quarter
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