ImmunityBio's (IBRX) Buy Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright has reaffirmed a "Buy" rating for ImmunityBio (NASDAQ: IBRX) with a target price of $8.00, suggesting a potential upside of 211.28% from its current share price.
• Other analysts have shown positive sentiment as well, with D. Boral Capital setting a price target of $24.00 and Piper Sandler upgrading their rating to "overweight" with a new price target of $5.00.
• ImmunityBio reported a revenue of $26.43 million for the last quarter, exceeding analysts' expectations of $21.95 million.

ImmunityBio (NASDAQ:IBRX - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They presently have a $8.00 price objective on the stock. HC Wainwright's price objective would indicate a potential upside of 194.66% from the company's current price.

Several other equities research analysts have also recently issued reports on IBRX. Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $4.25 to $5.00 in a research note on Tuesday, May 20th. D. Boral Capital reissued a "buy" rating and set a $24.00 price target on shares of ImmunityBio in a research report on Monday, September 8th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $10.75.

ImmunityBio Price Performance

NASDAQ IBRX traded up $0.12 on Wednesday, hitting $2.72. The company had a trading volume of 5,315,288 shares, compared to its average volume of 7,953,158. The company has a market capitalization of $2.57 billion, a PE ratio of -5.66 and a beta of 0.30. The company's fifty day moving average price is $2.55 and its 200-day moving average price is $2.67. ImmunityBio has a 12-month low of $1.83 and a 12-month high of $7.48.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate of ($0.10). The company had revenue of $26.43 million during the quarter, compared to analysts' expectations of $21.95 million. On average, sell-side analysts anticipate that ImmunityBio will post -0.92 EPS for the current year.

Hedge Funds Weigh In On ImmunityBio

A number of hedge funds have recently modified their holdings of IBRX. Swiss National Bank lifted its holdings in shares of ImmunityBio by 49.8% during the first quarter. Swiss National Bank now owns 410,400 shares of the company's stock worth $1,235,000 after purchasing an additional 136,400 shares during the period. Nuveen LLC acquired a new position in shares of ImmunityBio during the 1st quarter worth $1,083,000. Vanguard Group Inc. raised its stake 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 worth $61,237,000 after buying an additional 3,016,325 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of ImmunityBio during the 1st quarter worth $60,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in ImmunityBio by 9.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 104,874 shares of the company's stock worth $271,000 after purchasing an additional 9,305 shares in the last quarter. 8.58% of the stock is currently owned by hedge funds and other institutional investors.

ImmunityBio Company 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.