What Happened to the U.S. Biotech Stock That Gained $500 Million in Market Cap in One Day?

ImmunityBio, Inc. (Nasdaq: IBRX) surged 6.79% on the New York Stock Exchange, closing at $6.92. Trading volume topped 65 million shares, and its market capitalization climbed to about $6.8 billion (roughly ₩8.9 trillion), an increase of approximately $500 million (₩650 billion) from the previous day.

Two days earlier, the stock had already vaulted more than 20% in premarket trading, ranking it among the top gainers in the U.S. premarket session. The company is currently advancing an expanded access program and pursuing additional regulatory approvals to broaden the indication for its flagship immuno-oncology agent, ANKTIVA, beyond bladder cancer to include treatment for lymphopenia.

ImmunityBio is a biotechnology firm behind ANKTIVA, an interleukin-15 (IL-15) receptor agonist immuno-oncology therapy. In April 2024, ANKTIVA received U.S. FDA approval as the first-in-class treatment for BCG-unresponsive non–muscle-invasive bladder cancer, marking ImmunityBio’s first commercial product. Under the leadership of founder and chairman Patrick Soon-Shiong, the company is leveraging the ANKTIVA platform to target a range of solid tumors and immune-related diseases, building a next-generation immuno-oncology portfolio.