ImmunityBio (NASDAQ:IBRX) Upgraded by Piper Sandler to Overweight Rating

ImmunityBio (NASDAQ:IBRX - Get Free Report) was upgraded by investment analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a report released on Tuesday, Marketbeat reports. The firm currently has a $5.00 price objective on the stock, up from their previous price objective of $4.25. Piper Sandler's target price indicates a potential upside of 97.63% from the company's current price.

Several other analysts have also recently commented on the company. HC Wainwright reissued a "buy" rating and issued a $8.00 price objective on shares of ImmunityBio in a research note on Monday, May 12th. D. Boral Capital reaffirmed a "buy" rating and set a $30.00 target price on shares of ImmunityBio in a report on Monday, May 12th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, ImmunityBio currently has a consensus rating of "Buy" and an average price target of $12.25.

ImmunityBio Trading Down 5.6%

IBRX traded down $0.15 during trading on Tuesday, hitting $2.53. The company's stock had a trading volume of 6,249,005 shares, compared to its average volume of 5,582,566. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of -2.75 and a beta of 0.33. The business's fifty day simple moving average is $2.63 and its 200 day simple moving average is $3.19. 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) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The company had revenue of $16.52 million for the quarter, compared to the consensus estimate of $17.50 million. As a group, equities research analysts forecast that ImmunityBio will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ImmunityBio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBRX. Swiss National Bank raised its holdings in shares of ImmunityBio by 1.5% during the 4th quarter. Swiss National Bank now owns 274,000 shares of the company's stock worth $701,000 after acquiring an additional 4,000 shares during the period. ProShare Advisors LLC raised its stake in ImmunityBio by 7.7% during the fourth quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock worth $189,000 after purchasing an additional 5,261 shares during the period. XTX Topco Ltd boosted its holdings in ImmunityBio by 5.4% in the 1st quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock valued at $336,000 after purchasing an additional 5,764 shares during the last quarter. Crestwood Advisors Group LLC grew its stake in shares of ImmunityBio by 37.0% in the 1st quarter. Crestwood Advisors Group LLC now owns 22,200 shares of the company's stock valued at $67,000 after buying an additional 6,000 shares during the period. Finally, Teacher Retirement System of Texas increased its holdings in shares of ImmunityBio by 20.4% during the 4th quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company's stock worth $107,000 after buying an additional 7,067 shares during the last quarter. 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.