HC Wainwright Reiterates Buy Rating for ImmunityBio (NASDAQ:IBRX)

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 reiterated by research analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $8.00 target price on the stock. HC Wainwright's price objective would indicate a potential upside of 207.69% from the stock's previous close.

Several other analysts have also weighed in on the stock. D. Boral Capital reiterated a "buy" rating and set a $24.00 target price on shares of ImmunityBio in a research note on Monday, September 8th. Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $4.25 to $5.00 in a research report on Tuesday, May 20th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat.com, ImmunityBio has a consensus rating of "Buy" and a consensus target price of $10.75.

ImmunityBio Stock Performance

Shares of NASDAQ IBRX traded up $0.01 during midday trading on Wednesday, reaching $2.60. 7,704,529 shares of the company's stock were exchanged, compared to its average volume of 8,674,246. The business's fifty day moving average price is $2.55 and its two-hundred day moving average price is $2.68. ImmunityBio has a 52-week low of $1.83 and a 52-week high of $7.48. The stock has a market capitalization of $2.46 billion, a PE ratio of -5.42 and a beta of 0.30.

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, hitting analysts' consensus estimates of ($0.10). The company had revenue of $26.43 million for the quarter, compared to analyst estimates of $21.95 million. Analysts predict that ImmunityBio will post -0.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Armistice Capital LLC bought a new position in ImmunityBio during the 2nd quarter valued at $20,497,000. Vanguard Group Inc. lifted its holdings in shares of ImmunityBio by 17.4% in the first quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company's stock valued at $61,237,000 after buying an additional 3,016,325 shares during the period. Woodline Partners LP lifted its holdings in shares of ImmunityBio by 682.7% in the fourth quarter. Woodline Partners LP now owns 3,442,440 shares of the company's stock valued at $8,813,000 after buying an additional 3,002,622 shares during the period. AlphaCore Capital LLC bought a new position in ImmunityBio during the second quarter valued at about $7,854,000. Finally, Tang Capital Management LLC acquired a new position in ImmunityBio during the fourth quarter worth about $7,204,000. Institutional investors and hedge funds own 8.58% of the company's stock.

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.