ImmunityBio Inc. experienced a stock price increase on Tuesday, with shares rising 9.94 percent to close at $9.29 each. The gain followed a high-profile meeting between company founder Dr. Patrick Soon-Shiong and Turkish President Recep Tayyip Erdogan, which the Turkish government documented and shared publicly. Soon-Shiong’s reposted caption referenced Turkey becoming a regional center of excellence for cancer patients, though no additional specifics about the meeting were released.
The encounter generated investor optimism regarding the biotech firm’s expansion strategy in Turkey. ImmunityBio has been pursuing regulatory approvals across multiple countries and regions for its drug Anktiva, an FDA-approved immunotherapy for certain types of non-muscle invasive bladder cancer. The medication has achieved acceptance in 34 countries to date, including the United States, United Kingdom, Saudi Arabia, Macau, and various European nations.
To support its international growth initiatives, ImmunityBio raised $100 million in recent financing. The funding comprised $75 million from non-dilutive financing provided by Oberland Capital and $25 million from a debt-to-share conversion executed by Nant Capital LLC, an entity affiliated with Soon-Shiong. During the second quarter, the company reported total revenues of $51.24 million, representing a 94 percent increase from $26.4 million in the comparable prior-year period.
Despite strong revenue performance, the company’s net loss widened substantially to $230.39 million from $92.57 million year-over-year, reflecting elevated operational costs. Institutional investor interest in the stock remained robust during the quarter, with 27 hedge funds holding positions compared to 25 in the preceding quarter. Combined hedge fund holdings increased by 62.6 percent to $314.9 million from $193.7 million quarter-over-quarter.
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