Retail traders showed bullish sentiment following strong Q1 revenue growth and positive clinical data for its bladder cancer drug, despite a 54% jump in short interest.

ImmunityBio's short interest hit a two-month high of 54% this week, representing an increase from under 30% since early March, despite solid first-quarter operational and financial outcomes. 

The days-to-cover metric decreased from 14.9 to 14.2 as trading volume increased throughout the last two weeks, according to Ortex data, compiled by The Fly.

Shares of the pharma firm closed at $2.84, up 6.37% on Friday, before slipping 1.06% to $2.81 in after-hours trading.

The company's Q1 2025 net loss was $129.6 million, a minor improvement from the $134.1 million loss a year earlier.

ImmunityBio generated net product revenue of about $16.5 million in Q1 ending March 31, 2025, representing a 129% increase from $7.2 million in Q4 2024. 

The permanent J-code approval for Anktiva helped providers streamline billing and reimbursement, which led to growth. 

Anktiva is ImmunityBio’s immunotherapy for non-muscle invasive bladder cancer (NMIBC) that helps address the shortage of BCG (Bacillus Calmette-Guérin), a vaccine used to stimulate the immune system against bladder cancer. 

Unit sales for Anktiva rose by 150% in Q4 2024, while March sales showed a 69% increase over February due to nearly 200 urology practices enrolling in the rBCG Expanded Access Program to overcome the national BCG shortage.

CEO Richard Adcock said that Anktiva's revenue growth remained steady because urologists across rural areas began treating NMIBC carcinoma in situ patients with this drug when other treatment options were scarce. 

ImmunityBio presented positive long-term clinical data from the QUILT 3.032 study concerning Anktiva benefits for non-muscle invasive bladder cancer patients at the American Urological Association meeting in 2025.

On Stocktwits, retail sentiment for IBRX was ‘extremely bullish’ amid ‘high’ message volume.

One user expressed optimism about ImmunityBio’s stock potentially reaching and closing at $3 the following day, showing a bullish outlook. 

Another user predicted that the stock could rise significantly higher in the coming month.

The stock has risen 10.5% so far in 2025.

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