ImmunityBio’s 369% Surge Meets 13% Short Interest — A Collision Course in Biotech

ImmunityBio has become a battleground stock where two opposing forces are digging in. Retail traders have piled into the biotech name, driving shares up nearly 370% since the start of the year, while short sellers have amassed a 13% short interest in the float — a level that typically signals a crowded bearish bet. The result is a high-wire act where every piece of news could trigger explosive moves in either direction.

The stock closed Friday at €8.15, down 1.21% on the day but still up 7.38% for the week and 31.45% over the past 30 days. The Relative Strength Index (RSI) stands at 71.4, firmly in overbought territory, and the shares trade roughly 88% above their 200-day moving average. A 30-day annualized volatility of 63% underscores just how violent the swings have become.

Revenue Soars, but Losses Linger

The rally is not entirely without fundamental support. ImmunityBio reported preliminary net product revenue of approximately $44.2 million in the first quarter of 2026, up 168% from the year-ago period. Full-year 2025 net product revenue hit $113 million, a 700% surge from 2024. The growth engine is Anktiva, the bladder cancer immunotherapy now approved in the U.S., U.K., Saudi Arabia and the European Union.

Yet the company still posted a massive operating loss of around $261 million, and the rollout of Anktiva has been slower than some analysts anticipated. The negative operating margin raises questions about how ImmunityBio will fund continued commercialization and R&D without tapping equity markets, adding another layer of risk to the already speculative story.

Short-Squeeze Fuel or Overheated Momentum?

With nearly 12 days to cover short positions at average trading volume, any positive catalyst — an unexpectedly strong sales print, a favorable regulatory update, or further index inclusion — could force bears to scramble for cover. The Russell 1000 reshuffle on June 26 already provided a taste: shares jumped 12% on the day after the stock’s roughly $9 billion market cap made it eligible for inclusion.

Should investors sell immediately? Or is it worth buying ImmunityBio?

Technical indicators, however, are flashing caution. The RSI at 71.4 signals the stock is overbought, and the price sits well above its 50-day moving average of €6.63. The 52-week range stretches from a low of €1.66 (November 14) to a high of €10.54 (February 25), implying that from Friday’s close the stock would need to climb another 29% to reclaim its peak. A pullback to the 50-day average would mean a decline of roughly 19%.

Analyst Optimism Meets Reality Check

Wall Street remains broadly bullish despite the parabolic move. Eight analysts have an average price target of $14.63, and HC Wainwright & Co. reiterated a $15.00 twelve-month target on June 2. BTIG also struck a constructive tone in late May. Those targets imply significant upside from the current €8.15 level, though they were set before the latest leg of the rally and may not yet reflect the overbought technical setup.

The next major catalyst is the Q2 2026 earnings report, expected in early August, which will show whether Anktiva’s sales momentum is accelerating. Meanwhile, the FDA accepted a supplemental application for Anktiva in combination with BCG for non-muscle invasive bladder cancer, setting a decision date of January 6, 2027. Any update before then — especially an accelerated review or positive advisory committee vote — could ignite another squeeze.

What Comes Next

ImmunityBio sits at a crossroads where retail exuberance, heavy short interest, rapid revenue growth and deep losses all intersect. The technical picture suggests a breather may be overdue, but the short-squeeze setup means that even a modest positive surprise could propel shares sharply higher. Conversely, if Anktiva sales disappoint or the company’s cash burn spooks investors, the overbought conditions could trigger a swift and painful reversal. For now, the only certainty is that volatility will remain extreme.