Sometimes in biotech, the story is complicated. This isn't one of those times. ImmunityBio, Inc. (IBRX) just reported a 700% revenue jump, and investors are understandably excited about it. Shares popped over 26% on Thursday as the company unveiled numbers that show its flagship bladder cancer drug is actually gaining real commercial traction.

The Numbers Tell a Growth Story

Let's start with the headline figure: ImmunityBio announced preliminary net product revenue for Anktiva reached approximately $113 million for fiscal 2025. That's not just good—it's a 700% increase year-over-year. For context, Anktiva is the first FDA-approved immunotherapy specifically for non-muscle invasive bladder cancer carcinoma in situ (CIS), which makes it a pretty big deal in oncology circles.

The fourth quarter alone brought in about $38.3 million, topping the previous quarter's $31.8 million. That's a 20% sequential increase and a 431% year-over-year jump. But here's the really interesting part: unit sales volume for Anktiva increased 750% in 2025 compared to 2024. That's not just price increases or accounting magic—that's actual doctors prescribing more drug to more patients.

"We delivered strong quarter-over-quarter revenue growth, reflecting accelerating adoption of Anktiva and the continued execution of our commercial strategy," said Richard Adcock, President and CEO of ImmunityBio. When a CEO talks about "accelerating adoption," it's usually corporate-speak, but in this case the numbers back it up.

The company ended the quarter sitting on an estimated $242.8 million in cash, cash equivalents, and marketable securities, which gives them some runway to keep building out their commercial operations.

Beyond Bladder Cancer

On Tuesday, ImmunityBio shared fresh data that could expand Anktiva's potential beyond its current indication. The company presented results from two studies—QUILT-2.023 and QUILT-3.055—focused on non-small cell lung cancer. Across 151 patients spanning first-line, second-line, and later-line disease, Anktiva demonstrated statistically significant immune restoration and showed a consistent link between lymphocyte recovery and improved survival in checkpoint-experienced patients.

Translation: the drug might help patients whose immune systems have been worn down by previous cancer treatments, which could open up entirely new markets if the clinical program continues to deliver.

What the Charts Are Saying

ImmunityBio is currently trading 67.1% above its 20-day simple moving average and 58.7% above its 100-day SMA, which screams short-term momentum. Shares have climbed 55.44% over the past 12 months and are sitting much closer to their 52-week highs than lows.

But here's where it gets interesting: the RSI is at 77.54, which puts the stock firmly in overbought territory. That's not necessarily bearish, but it does suggest traders should watch for potential pullbacks. Meanwhile, the MACD is above its signal line, reinforcing the bullish sentiment. So you've got an overbought stock that's still showing bullish momentum—which is basically the market's way of saying "this is exciting, but don't get too greedy."

Key resistance sits at $4.00, though the stock doesn't have clearly defined support levels at current prices given how fast it's moved.

What Analysts Think

The analyst community seems pretty optimistic. The stock carries a Buy rating with an average price target of $13.67, which implies substantial upside from current levels. Recent analyst actions include:

• D. Boral Capital: Buy rating with a $24.00 target
• Jefferies: Buy rating with a raised target to $9.00 (as of December 12, 2025)

The Momentum Picture

Looking at the overall technical setup, ImmunityBio scores a solid 70.55 out of 100 on momentum indicators, suggesting the stock is genuinely outperforming the broader market. The bullish momentum score indicates that investors who have been holding positions are probably feeling pretty good right now, and it's not hard to see why.

The combination of accelerating revenue growth, expanding unit sales, positive clinical data in new indications, and strong technical momentum creates an interesting setup. The main caveat is that overbought reading on the RSI—sometimes when stocks run this hard, they need to catch their breath.

Price Action: ImmunityBio shares were trading up 26.16% at $3.81 at the time of publication on Thursday.