Why ImmunityBio Stock is Soaring Higher Today

Shares of immunotherapy biotech ImmunityBio (NASDAQ: IBRX) initially popped today, and are up 9% as of 10:45 a.m. ET on Wednesday. After market close yesterday, ImmunityBio announced that the Food and Drug Administration (FDA) had accepted the company's supplemental biologics license application (BLA) for review, which could lead to a major label expansion for its core treatment, Anktiva.

Currently, ImmunityBio's flagship Anktiva drug is approved to treat patients with bacillus Calmette-Guérin (BCG)-unresponsive Non-Muscle Invasive Bladder Cancer (NMIBC) who have Carcinoma in Situ (CIS). The new BLA would expand Anktiva's label to include its use in treating BCG-unresponsive NMIBC cases with papillary disease, in addition to CIS. Plenty of technical terms here, but this could be a big deal for ImmunityBio, so it is worth looking into for the following reason.

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Source Fool.com