Citigroup Inc. Purchases 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 ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) by 605.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,714,662 shares of the company's stock after buying an additional 2,330,086 shares during the period. Citigroup Inc. owned about 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 made changes to their positions in the stock. Swiss National Bank boosted its holdings in shares of ImmunityBio by 49.8% during the 1st quarter. Swiss National Bank now owns 410,400 shares of the company's stock valued at $1,235,000 after purchasing an additional 136,400 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of ImmunityBio by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,302,083 shares of the company's stock valued at $3,919,000 after purchasing an additional 25,410 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of ImmunityBio by 17.4% during the 1st quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company's stock valued at $61,237,000 after purchasing an additional 3,016,325 shares during the last quarter. XTX Topco Ltd boosted its holdings in shares of ImmunityBio by 5.4% during the 1st quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock valued at $336,000 after purchasing an additional 5,764 shares during the last quarter. Finally, Meeder Advisory Services Inc. bought a new position in shares of ImmunityBio during the 1st quarter valued at about $48,000. Institutional investors own 8.58% of the company's stock.

ImmunityBio Trading Down 0.9%

Shares of NASDAQ:IBRX traded down $0.02 during trading on Thursday, reaching $2.24. The company's stock had a trading volume of 5,670,680 shares, compared to its average volume of 9,631,306. ImmunityBio, Inc. has a 12 month low of $1.83 and a 12 month high of $7.48. The firm's 50 day simple moving average is $2.67 and its two-hundred day simple moving average is $2.78. The stock has a market capitalization of $2.12 billion, a PE ratio of -4.67 and a beta of 0.12.

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. D. Boral Capital reissued a "buy" rating and set a $24.00 price objective on shares of ImmunityBio in a report on Thursday, August 14th. HC Wainwright reissued a "buy" rating and set a $8.00 price objective on shares of ImmunityBio in a report on Wednesday, June 4th. Finally, Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $4.25 to $5.00 in a report on Tuesday, May 20th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $10.75.

About ImmunityBio

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.