A month has gone by since the last earnings report for ImmunityBio (IBRX Quick QuoteIBRX - Free Report) . Shares have added about 9.7% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is ImmunityBio due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for ImmunityBio, Inc. before we dive into how investors and analysts have reacted as of late.

Q2 Earnings & Sales Beat Estimates

ImmunityBio reported an adjusted loss of 8 cents per share in the second quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 9 cents. The loss improved 20% compared with the year-ago period’s loss of 10 cents.

Total revenues surged nearly 94% year over year to $51.2 million, beating the Zacks Consensus Estimate of $48.5 million.

Product Revenue Hits a Record

The top-line performance reflected continued adoption of the company’s sole marketed drug, Anktiva, among U.S. urologists and strong market access. Net product revenues, which accounted for nearly all quarterly revenues, reached a record $50.7 million, rising 92% year over year and 15% sequentially.

The product performance marked ImmunityBio’s eighth consecutive quarter of sequential net product revenue growth since Anktiva’s commercial launch.

Other revenues totaled $0.6 million.

Faces Higher Operating Costs

Total operating costs and expenses increased about 16% year over year to around $113 million.

Research and development expenses grew 10% to nearly $61 million. The increase reflected higher personnel-related costs, clinical trial expenses and external manufacturing and distribution costs.

Selling, general and administrative expenses climbed 22% year over year to about $52 million. The increase stemmed mainly from higher professional services, personnel-related and commercial expenses.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates review.

The consensus estimate has shifted 6.25% due to these changes.

VGM Scores

At this time, ImmunityBio has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock has a score of F on the value side, putting it in the fifth quintile for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, ImmunityBio has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

ImmunityBio belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Repligen (RGEN Quick QuoteRGEN - Free Report) , has gained 9.1% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Repligen reported revenues of $204.13 million in the last reported quarter, representing a year-over-year change of +11.9%. EPS of $0.54 for the same period compares with $0.37 a year ago.

For the current quarter, Repligen is expected to post earnings of $0.46 per share, indicating no change from the year-ago quarter. The Zacks Consensus Estimate has changed -0.1% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #1 (Strong Buy) for Repligen. Also, the stock has a VGM Score of F.