ImmunityBio price target raised to $5 from $4 at Piper Sandler

Piper Sandler raised the firm’s price target on ImmunityBio to $5 from $4 and keeps a Neutral rating on the shares after the company reported FY23 earnings and provided a pipeline update. Most notably, following the May 2023 CRL, ImmunityBio’s BLA resubmission for N-803+BCG for BCG-unresponsive NMIBC CIS is now positioned for a potential April 2024 approval, the firm says. Management indicated that it continues overall to feel very good on all aspects and that everything remains on track. It has sufficient drug supply for a potential launch, with a 40-person salesforce in place along with a specialty distribution network. While much else going on in the pipeline, Piper now values solely based on N-803 in NMIBC and NSCLC, as well as incorporate royaltybacked financing.