Citigroup Inc. Buys 2,330,086 Shares of ImmunityBio, Inc. $IBRX

Key Points

• Citigroup Inc. significantly increased its stake in ImmunityBio by 605.9% during the first quarter, owning approximately 2.71 million shares valued at $8.17 million.
• ImmunityBio has received numerous favorable ratings from analysts, with a consensus rating of "Buy" and a price target averaging $10.75.
• The company's latest quarterly earnings report showed revenue of $26.43 million, surpassing analyst estimates and affirming its growth trajectory as a clinical-stage biotechnology company.

Citigroup Inc. increased its position in shares of ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) by 605.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,714,662 shares of the company's stock after purchasing an additional 2,330,086 shares during the period. Citigroup Inc. owned 0.31% of ImmunityBio worth $8,171,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IBRX. ProShare Advisors LLC boosted its stake in ImmunityBio by 7.7% during the fourth quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock worth $189,000 after buying an additional 5,261 shares during the period. XTX Topco Ltd raised its holdings in ImmunityBio by 5.4% in the first quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock valued at $336,000 after acquiring an additional 5,764 shares in the last quarter. Crestwood Advisors Group LLC lifted its position in shares of ImmunityBio by 37.0% during the 1st quarter. Crestwood Advisors Group LLC now owns 22,200 shares of the company's stock worth $67,000 after purchasing an additional 6,000 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in shares of ImmunityBio by 29.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 37,006 shares of the company's stock worth $95,000 after purchasing an additional 8,359 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of ImmunityBio by 4.1% during the fourth quarter. Alliancebernstein L.P. now owns 214,030 shares of the company's stock worth $548,000 after purchasing an additional 8,500 shares in the last quarter. 8.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IBRX shares. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 target price on shares of ImmunityBio in a report on Wednesday, June 4th. Piper Sandler upgraded shares of ImmunityBio from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $4.25 to $5.00 in a research report on Tuesday, May 20th. Finally, D. Boral Capital restated a "buy" rating and set a $24.00 target price on shares of ImmunityBio in a research report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $10.75.

ImmunityBio Price Performance

Shares of IBRX stock traded down $0.0150 on Thursday, hitting $2.2450. 922,027 shares of the stock traded hands, compared to its average volume of 7,836,829. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -4.70 and a beta of 0.12. The firm has a 50 day simple moving average of $2.69 and a two-hundred day simple moving average of $2.79. ImmunityBio, Inc. has a 52 week low of $1.83 and a 52 week high of $7.48.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.10). The company had revenue of $26.43 million during the quarter, compared to the consensus estimate of $21.95 million. Sell-side analysts forecast that ImmunityBio, Inc. will post -0.92 EPS for the current year.

ImmunityBio Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in developing therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases. Its platforms for the development of biologic product candidates include antibody-cytokine fusion proteins; DNA, RNA, and recombinant protein vaccines; and cell therapies.