ImmunityBio shares rise following meeting with Turkish President

ImmunityBio, Inc. shares rose nearly 10% following a meeting between company founder Dr. Patrick Soon-Shiong and Turkish President Recep Tayyip Erdogan. The meeting has fueled investor speculation regarding the biotechnology firm’s potential expansion into Turkey.

The company focuses on Anktiva, an FDA-approved immunotherapy for non-muscle invasive bladder cancer, which has received regulatory acceptance in 34 countries. To support international growth, ImmunityBio recently raised $100 million through financing from Oberland Capital and Nant Capital LLC.

Financial reports for the second quarter showed total revenues of $51.24 million, a 94% increase year-over-year, though net losses expanded to $230.39 million due to higher operational costs. During the same period, Bank of America Corp DE acquired over 2.1 million shares of the company, valued at approximately $19.1 million.