Top 10 Penny Stocks That Will Skyrocket

8. ImmunityBio, Inc. (NASDAQ:IBRX)

Price: $2.71

Analyst Upside Potential: 195.20%

Number of Hedge Fund Holders: 15

ImmunityBio, Inc. (NASDAQ:IBRX) is a clinical-stage biotechnology company focused on developing advanced immunotherapies and vaccines to combat cancers and infectious diseases. It leverages proprietary platforms to enhance both the innate and adaptive immune systems, aiming to create therapies that are effective, accessible, and durable.

ImmunityBio, Inc. (NASDAQ:IBRX) has recently achieved two significant milestones with the FDA. The FDA granted Regenerative Medicine Advanced Therapy designation for ANKTIVA and CAR-NK therapies to address lymphopenia in patients undergoing chemotherapy or radiation and those with multiply relapsed, locally advanced, or metastatic pancreatic cancer. Moreover, the company also received FDA approval to provide recombinant Bacillus Calmette-Guérin through an Expanded Access Program to address the shortage of TICE BCG in the US, which is critical for treating non-muscle invasive bladder cancer.

As a result of these approvals, Analyst Justin Zelin from BTIG maintained a Buy rating on the stock with a price target of $6. The analyst noted that the FDA’s approval of an Expanded Access Program for recombinant BCG is expected to address the shortage of TICE BCG. This development could facilitate the adoption of ANKTIVA for treating non-muscle invasive bladder cancer. Moreover, Zelin highlighted that ImmunityBio, Inc.’s (NASDAQ:IBRX) agreement with the Serum Institute ensures a steady global supply of both standard and next-generation rBCG, which has shown promising trial results in Europe. ImmunityBio, Inc. (NASDAQ:IBRX) is one of the top penny stocks that will skyrocket.