ImmunityBio Shares Jump 10% on Erdogan Meeting

ImmunityBio Inc. (NASDAQ:IBRX) closed up 9.94 percent at $9.29 on Tuesday after founder Dr. Patrick Soon-Shiong met Turkish President Recep Tayyip Erdogan, stoking investor confidence in the company's planned expansion into Turkey.

The Turkish government published a photo of Erdogan and Soon-Shiong on Tuesday. Soon-Shiong reposted it with the caption: "Under his leadership, Turkey will be the center of excellence for patients with cancer in the region."

No further details of the meeting were disclosed. The image alone was enough to spark buying, with investors reading the encounter as evidence that the expansion plan is advancing.

A Drug Now Accepted in 34 Countries

The meeting fits into a broader commercial push. ImmunityBio has sought regulatory approval in multiple countries and regions for the sale and marketing of Anktiva, an FDA-approved immunotherapy for specific types of non-muscle invasive bladder cancer.

The drug has now been accepted in 34 countries, including the US, the UK, Saudi Arabia, Macau and several European nations. Each new approval widens the addressable market and raises prospects for further revenue expansion.

The company has already secured funding for the effort. ImmunityBio raised $100 million in fresh capital, according to the source material. Of that, $75 million came from a non-dilutive financing arrangement with Oberland Capital. The remaining $25 million was raised through a debt-to-share conversion by Nant Capital LLC, a company affiliated with Soon-Shiong himself.

Anktiva Drives Q2 Revenue Near Doubling

The commercial momentum shows in the numbers. ImmunityBio's total revenues reached $51.24 million in the second quarter, up 94 percent from $26.4 million in the same period last year, with Anktiva credited for the surge.

Profitability has not followed. Net loss widened by 148 percent to $230.39 million from $92.57 million year-on-year, driven by higher costs and a wider loss before income taxes and non-controlling interests.

The gap between rapid revenue growth and deepening losses frames the investment case: ImmunityBio is scaling its drug commercially while still burning substantial cash to do it.

Hedge Funds Increase Their Positions

Institutional investors grew more bullish during the second quarter. Data from Insider Monkey showed 27 hedge funds held positions in the stock, up from 25 in the previous quarter.

Their committed capital rose faster than their headcount. Combined hedge fund holdings climbed 62.6 percent to $314.9 million from $193.7 million quarter-on-quarter.

What Comes Next

Tuesday's rally rested on a photograph and a caption, not a signed agreement. The market will now watch for concrete terms of the Turkey expansion — manufacturing, distribution or licensing details — to judge whether Anktiva's 34-country footprint and near-doubling revenue can keep justifying the stock's momentum.