ImmunityBio (NASDAQ:IBRX) Rating Increased to Overweight at Piper Sandler

ImmunityBio (NASDAQ:IBRX - Get Free Report) was upgraded by equities researchers at Piper Sandler from a "neutral" rating to an "overweight" rating in a note issued to investors on Tuesday,Finviz reports. The brokerage currently has a $5.00 price target on the stock. Piper Sandler's price objective would indicate a potential upside of 78.57% from the stock's previous close.

Other equities research analysts have also issued reports about the company. D. Boral Capital reaffirmed a "buy" rating and issued a $30.00 target price on shares of ImmunityBio in a research report on Monday, May 12th. HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of ImmunityBio in a research report on Monday, May 12th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, ImmunityBio presently has a consensus rating of "Buy" and a consensus price target of $12.25.

ImmunityBio Stock Performance

NASDAQ IBRX opened at $2.80 on Tuesday. ImmunityBio has a one year low of $1.83 and a one year high of $7.64. The company has a 50-day simple moving average of $2.64 and a 200-day simple moving average of $3.25. The firm has a market capitalization of $2.47 billion, a PE ratio of -3.04 and a beta of 0.33.

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

Institutional Trading of ImmunityBio

Hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank increased its holdings in shares of ImmunityBio by 1.5% during the fourth quarter. Swiss National Bank now owns 274,000 shares of the company's stock valued at $701,000 after purchasing an additional 4,000 shares during the period. ProShare Advisors LLC increased 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 buying an additional 5,261 shares during the period. XTX Topco Ltd raised its position in shares of ImmunityBio by 5.4% during the 1st quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock worth $336,000 after buying an additional 5,764 shares in the last quarter. Crestwood Advisors Group LLC lifted 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 worth $67,000 after acquiring an additional 6,000 shares during the period. Finally, Teacher Retirement System of Texas boosted its holdings in shares of ImmunityBio by 20.4% in the fourth quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company's stock valued at $107,000 after acquiring an additional 7,067 shares in the last quarter. Institutional investors own 8.58% of the company's stock.

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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