Rafferty Asset Management LLC Lowers Stock Holdings in ImmunityBio, Inc. $IBRX

Key Points

• Rafferty Asset Management LLC reduced its stake in ImmunityBio, Inc. by 41.0%, now holding 324,549 shares worth $977,000 after selling 225,356 shares in the first quarter.
Multiple institutional investors have increased their stakes in ImmunityBio, with Wells Fargo raising its position by 30.4% and Dimensional Fund Advisors increasing theirs by 154.0% in the last quarter.
• Analysts are optimistic about ImmunityBio, with upgrades leading to target price increases, including Piper Sandler raising its target from $4.25 to $5.00, while the average target price is $10.75.

Rafferty Asset Management LLC trimmed its position in shares of ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) by 41.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 324,549 shares of the company's stock after selling 225,356 shares during the period. Rafferty Asset Management LLC's holdings in ImmunityBio were worth $977,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Freedom Investment Management Inc. bought a new position in shares of ImmunityBio in the first quarter worth $41,000. Compound Planning Inc. bought a new position in shares of ImmunityBio in the first quarter worth $30,000. Humankind Investments LLC bought a new position in shares of ImmunityBio in the first quarter worth $34,000. Hsbc Holdings PLC boosted its holdings in shares of ImmunityBio by 151.8% in the first quarter. Hsbc Holdings PLC now owns 42,404 shares of the company's stock worth $126,000 after acquiring an additional 25,564 shares during the period. Finally, Rathbones Group PLC boosted its holdings in shares of ImmunityBio by 8.1% in the first quarter. Rathbones Group PLC now owns 96,620 shares of the company's stock worth $291,000 after acquiring an additional 7,200 shares during the period. 8.58% of the stock is owned by institutional investors.

ImmunityBio Stock Up 0.4%

NASDAQ:IBRX traded up $0.01 during trading hours on Friday, hitting $2.40. 5,834,424 shares of the company's stock traded hands, compared to its average volume of 8,800,473. The firm has a market cap of $2.27 billion, a P/E ratio of -5.00 and a beta of 0.30. ImmunityBio, Inc. has a 52 week low of $1.83 and a 52 week high of $7.48. The business's fifty day simple moving average is $2.56 and its two-hundred day simple moving average is $2.70.

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on IBRX. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price target on shares of ImmunityBio in a report on Wednesday, June 4th. Piper Sandler raised ImmunityBio from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $4.25 to $5.00 in a research note on Tuesday, May 20th. Finally, D. Boral Capital reissued a "buy" rating and set a $24.00 price objective on shares of ImmunityBio in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $10.75.

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.