IBRX Stock Notches Strongest Quarter Ever — But These 2 Smaller Biotech Plays Ran Even Hotter

• ImmunityBio rallied after EU approval of Anktiva, NCCN guideline inclusion and continued expansion across multiple cancer programs.
• Adlai Nortye gained after dosing its first U.S. patient in a global Phase 1 AN9025 trial in February.
• Erasca rose after securing worldwide rights to ERAS-0015 and reporting encouraging early Phase 1 results.

Shares of ImmunityBio, Inc. (IBRX) logged its strongest quarter ever with a 287% rally, sending its market valuation to nearly $6.9 billion. Yet, two lesser-known cancer drugmakers quietly posted even larger gains during the period, leaving both IBRX and the broader SPDR S&P Biotech ETF (XBI) behind. 

The sector benchmark rose 5% during the quarter, underscoring how smaller companies drove outsized returns on the back of their oncology pipelines. Over the past year, IBRX, ANL and ERAS climbed about 155%, 244% and over 1,000%, respectively, far ahead of the 58% gain in XBI.

Anktiva Momentum Fuels ImmunityBio’s Rally

ImmunityBio’s strong quarter was driven primarily by momentum around Anktiva, its therapy that stimulates natural killer cells and CD8 T cells that help the body kill cancer cells.

A major catalyst came after the European Commission granted conditional marketing authorization across 27 EU member states plus Iceland, Liechtenstein and Norway, extending the therapy’s reach to 33 countries globally, including the U.S.

Momentum strengthened further after the National Comprehensive Cancer Network (NCCN) added Anktiva with standard BCG treatment as an “other recommended” option for papillary bladder cancer that no longer responds to standard therapy.

During the quarter, ImmunityBio also advanced programs evaluating Anktiva across non-small cell lung cancer, pancreatic cancer, colorectal cancer and glioblastoma, alongside new studies in severe pneumonia, sepsis, long COVID, and acute respiratory distress syndrome.

Shares nevertheless faced a setback recently after the U.S. Food and Drug Administration (FDA) issued a warning letter objecting to promotional claims suggesting Anktiva could treat cancers beyond its approved bladder cancer indication.

Early Cancer Trial Boosts Adlai Nortye Shares

As the quarter’s strongest biotech performer, U.S.-listed shares of Hangzhou, China-based Adlai Nortye (ANL) surged roughly 387%, supported by balance-sheet strengthening and growing analyst conviction around its cancer drugs targeting RAS gene mutations that drive tumors. A key catalyst came in February, when the company dosed its first U.S. patient in a global Phase 1 trial of AN9025, an oral therapy that blocks a broad range of RAS mutations across solid tumors.

The first-in-human, multicenter study is evaluating the drug’s safety, tolerability, pharmacokinetics and anti-tumor activity in patients with advanced or metastatic cancers harboring those mutations. The trial is being conducted as a clinical study in collaboration with Jiangsu Aosaikang Pharmaceutical, with Adlai Nortye retaining rights outside mainland China, Hong Kong and Macao.

The milestone marked an important step in advancing the company’s strategy to test AN9025 across multiple tumor types, including pancreatic, lung and colorectal cancers, where preclinical studies have shown durable anti-tumor activity.

As of the last close, Adlai Nortye had a market capitalization of $216.16 million.

Investors Bet On Erasca’s Upcoming Catalysts

Shares of San Diego, California-based Erasca (ERAS) gained roughly 335% during the quarter, as investors focused on progress around its lead cancer drug candidate ERAS-0015, including early clinical responses and a clearer global development pathway ahead of expected data later this year.

Last month, the company secured worldwide rights to ERAS-0015, including China, Hong Kong and Macau, allowing Erasca to pursue a unified global strategy for the therapy across patients with RAS-mutant solid tumors.

Sentiment was also boosted by encouraging early clinical results reported in January from the ongoing Auroras-1 Phase 1 study, which showed signs of activity across multiple tumor types along with a favorable safety profile. The company said initial Phase 1 monotherapy data from U.S. and China cohorts are expected in the first half of 2026.

As of the last close, Erasca had a market capitalization just north of $4.6 billion.

How Do Retail Traders Feel About IBRX, ANL And ERAS?

Retail sentiment on Stocktwits showed mixed trends across the three biotech players during the quarter. For IBRX, sentiment was volatile, swinging between 'extremely bullish', 'bullish' and most recently 'bearish', even as message volumes jumped about 160% over the past three months and watchers rose 44% during the quarter.

For ANL, sentiment eased from 'extremely bullish' to 'neutral' levels over the past quarter amid 'low' message volumes over the past 24 hours, though watchers surged by 661% over the same period.

Meanwhile, ERAS saw sentiment remain mostly 'bearish' throughout the quarter, alongside a 50% decline in message volumes, even as watchers increased by about 40%, suggesting continued investor interest despite weaker discussion activity.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: Cathie Wood’s Flagship Ark Fund Just Logged Its Worst Quarter In Over A Year — One Mega-Cap Stock Is Largely To Blame