ImmunityBio (NASDAQ:IBRX) Given "Buy" Rating at BTIG Research

Key Points

• BTIG Research reiterated a Buy rating on ImmunityBio (IBRX) with a $13.00 price target implying roughly a 57.19% upside
• Shares opened at $8.27 (50-day MA $6.37, 200-day MA $3.75) with a 1-year range of $1.83–$12.43 and a market cap of $8.5B; the company slightly beat quarterly EPS (-$0.06 vs. -$0.08) on $38.29M revenue, while analysts forecast -0.92 EPS for the fiscal year.
• Insiders sold about 501,967 shares (~$4.47M) in the last quarter, though insiders still own 69.48% of the company and institutional investors hold just 8.58%.

ImmunityBio (NASDAQ:IBRX - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at BTIG Research in a research note issued on Thursday,Benzinga reports. They presently have a $13.00 price objective on the stock. BTIG Research's target price suggests a potential upside of 57.19% from the stock's previous close.

A number of other equities analysts have also issued reports on IBRX. D. Boral Capital reissued a "buy" rating and set a $23.00 price target on shares of ImmunityBio in a research report on Monday. Weiss Ratings reiterated a "sell (e+)" rating on shares of ImmunityBio in a research note on Monday, December 29th. The Goldman Sachs Group reissued a "buy" rating on shares of ImmunityBio in a report on Monday, February 23rd. Jefferies Financial Group boosted their target price on shares of ImmunityBio from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 12th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $12.00 price target (up from $7.00) on shares of ImmunityBio in a report on Wednesday, March 4th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $14.40.

ImmunityBio Price Performance

Shares of IBRX opened at $8.27 on Thursday. The company's fifty day moving average price is $6.37 and its 200-day moving average price is $3.75. ImmunityBio has a 1-year low of $1.83 and a 1-year high of $12.43. The firm has a market capitalization of $8.50 billion, a PE ratio of -21.76 and a beta of -0.03.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The firm had revenue of $38.29 million for the quarter. As a group, research analysts anticipate that ImmunityBio will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Barry J. Simon sold 165,000 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $10.25, for a total transaction of $1,691,250.00. Following the transaction, the director owned 2,925,821 shares in the company, valued at $29,989,665.25. This trade represents a 5.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Christobel Selecky sold 50,000 shares of the business's stock in a transaction on Friday, January 16th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 501,967 shares of company stock worth $4,466,412 in the last quarter. Insiders own 69.48% of the company's stock.

Institutional Trading of ImmunityBio

Institutional investors and hedge funds have recently modified their holdings of the stock. Slow Capital Inc. purchased a new position in ImmunityBio in the 3rd quarter valued at about $25,000. Truist Financial Corp acquired a new position in shares of ImmunityBio during the third quarter valued at approximately $27,000. Swiss Life Asset Management Ltd purchased a new position in shares of ImmunityBio in the third quarter valued at approximately $27,000. WealthPlan Investment Management LLC acquired a new stake in shares of ImmunityBio in the fourth quarter worth approximately $27,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of ImmunityBio in the second quarter worth approximately $27,000. Hedge funds and other institutional investors own 8.58% of the company's stock.

ImmunityBio Company Profile

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.