ImmunityBio price target raised to $6 from $5 at Piper Sandler

Piper Sandler analyst Joseph Catanzaro raised the firm’s price target on ImmunityBio to $6 from $5 and keeps a Neutral rating on the shares. Last week, ImmunityBio received approval for Anktiva + BCG for BCG-unresponsive NMIBC CIS +/- papillary disease. The label was as expected, though the same cannot be said about the pricing strategy, the firm adds. At $35,800 per dose, this translates to $1.1M in gross revenues for an induction and full maintenance course. It is unclear how receptive payers could be to this, but as a reference, the nearest comp, Adstiladrin, is priced at $240K for a full treatment course, Piper adds.