ImmunityBio (NASDAQ:IBRX) Given Buy Rating at D. Boral Capital

Key Points

• Investment analysts at D. Boral Capital have reissued a "buy" rating for ImmunityBio (NASDAQ:IBRX), with a target price set at $24.00.
• Other analysts have raised their ratings for ImmunityBio, with Piper Sandler increasing its price target from $4.25 to $5.00 and HC Wainwright setting a target at $8.00.
• ImmunityBio reported revenue of $26.43 million in its last earnings announcement, exceeding analyst expectations of $21.95 million.

ImmunityBio (NASDAQ:IBRX - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at D. Boral Capital in a research note issued to investors on Monday,Benzinga reports. They presently have a $24.00 target price on the stock.

Several other equities analysts have also recently commented on IBRX. Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $4.25 to $5.00 in a research report on Tuesday, May 20th. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price target on shares of ImmunityBio in a research report on Wednesday, June 4th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $10.75.

ImmunityBio Price Performance

NASDAQ IBRX traded down $0.05 during mid-day trading on Monday, hitting $2.36. The company's stock had a trading volume of 3,072,154 shares, compared to its average volume of 7,814,809. The stock's fifty day simple moving average is $2.56 and its two-hundred day simple moving average is $2.69. ImmunityBio has a 52-week low of $1.83 and a 52-week high of $7.48. The firm has a market capitalization of $2.23 billion, a P/E ratio of -4.89 and a beta of 0.30.

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

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds have recently added to or reduced their stakes in IBRX. Thrive Wealth Management LLC raised its stake in ImmunityBio by 49.3% during the 2nd quarter. Thrive Wealth Management LLC now owns 15,041 shares of the company's stock valued at $40,000 after acquiring an additional 4,964 shares in the last quarter. Courier Capital LLC raised its stake in ImmunityBio by 12.5% during the 2nd quarter. Courier Capital LLC now owns 45,000 shares of the company's stock valued at $119,000 after acquiring an additional 5,000 shares in the last quarter. Creative Planning raised its stake in ImmunityBio by 9.2% during the 2nd quarter. Creative Planning now owns 62,028 shares of the company's stock valued at $164,000 after acquiring an additional 5,231 shares in the last quarter. ProShare Advisors LLC raised its stake in ImmunityBio by 7.7% during the 4th quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock valued at $189,000 after acquiring an additional 5,261 shares in the last quarter. Finally, XTX Topco Ltd raised its stake in ImmunityBio by 5.4% during the 1st quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock valued at $336,000 after acquiring an additional 5,764 shares in the last quarter. 8.58% of the stock is currently owned by institutional investors.

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.

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