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

HC Wainwright reissued their buy rating on shares of ImmunityBio (NASDAQ:IBRX - Free Report) in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a $8.00 price objective on the stock.

Several other analysts have also recently commented on IBRX. Piper Sandler upgraded shares of ImmunityBio from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $4.25 to $5.00 in a research note on Tuesday, May 20th. D. Boral Capital restated a "buy" rating and set a $30.00 target price on shares of ImmunityBio in a report on Tuesday. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $12.25.

ImmunityBio Price Performance

Shares of ImmunityBio stock traded up $0.25 during trading hours on Wednesday, hitting $3.15. The company had a trading volume of 18,797,669 shares, compared to its average volume of 5,812,786. The company has a market cap of $2.78 billion, a P/E ratio of -3.42 and a beta of 0.14. The company's 50-day moving average is $2.59 and its two-hundred day moving average is $3.03. ImmunityBio has a twelve month low of $1.83 and a twelve month high of $7.63.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.03). The company had revenue of $16.52 million for the quarter, compared to analysts' expectations of $17.50 million. Sell-side analysts expect that ImmunityBio will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN lifted its position in ImmunityBio by 30.4% during the fourth quarter. Wells Fargo & Company MN now owns 138,605 shares of the company's stock valued at $355,000 after buying an additional 32,334 shares in the last quarter. Altium Capital Management LLC acquired a new position in shares of ImmunityBio during the fourth quarter worth $2,714,000. Vanguard Group Inc. lifted its position in shares of ImmunityBio by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company's stock worth $44,360,000 after purchasing an additional 425,713 shares in the last quarter. Handelsbanken Fonder AB lifted its position in shares of ImmunityBio by 71.2% during the fourth quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company's stock worth $236,000 after purchasing an additional 38,400 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of ImmunityBio by 9.8% during the fourth quarter. Barclays PLC now owns 396,484 shares of the company's stock worth $1,015,000 after purchasing an additional 35,448 shares in the last quarter. 8.58% of the stock is owned by institutional investors and hedge funds.

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.