ImmunityBio Shares Rise After Meeting With Turkish President
Shares of ImmunityBio (NASDAQ:IBRX) rose nearly 10% following a meeting between its founder, Dr. Patrick Soon-Shiong, and Turkish President Recep Tayyip Erdogan. The high-profile engagement has fueled investor optimism about the company's expansion plans into Turkey. ImmunityBio’s FDA-approved drug Anktiva is already approved in 34 countries and contributed to nearly a doubling of Q2 revenues compared to last year. Despite strong revenue growth, the firm reported an expanded net loss due to increased costs. The company has also secured $100 million in new funding through non-dilutive financing and debt-to-share conversions. Institutional confidence remains high as 27 hedge funds held positions in IBRX during Q2, with combined holdings rising by over 60% quarter-on-quarter to $314.9 million.
Tickers: $IBRX
Topics: expansion government_meeting immunotherapy pharmaceuticals