ImmunityBio (NASDAQ:IBRX) Shares Gap Up - Here's Why

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $2.72, but opened at $2.90. ImmunityBio shares last traded at $2.87, with a volume of 1,790,611 shares traded.

Analyst Ratings Changes

IBRX has been the subject of several research analyst reports. HC Wainwright reiterated a "buy" rating and set a $8.00 target price on shares of ImmunityBio in a research report on Wednesday, June 4th. Piper Sandler raised ImmunityBio from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $4.25 to $5.00 in a research note on Tuesday, May 20th. Finally, D. Boral Capital reissued a "buy" rating and set a $30.00 target price on shares of ImmunityBio in a research note on Tuesday. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $12.25.

ImmunityBio Stock Up 2.9%

The business has a 50 day moving average of $2.70 and a 200 day moving average of $2.83. The company has a market capitalization of $2.53 billion, a P/E ratio of -4.95 and a beta of 0.08.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly 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 company had revenue of $16.52 million during the quarter, compared to the consensus estimate of $17.50 million. On average, research analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Hedge Funds Weigh In On ImmunityBio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBRX. Thrive Wealth Management LLC bought a new position in ImmunityBio during the first quarter valued at approximately $30,000. Slow Capital Inc. bought a new stake in shares of ImmunityBio during the 1st quarter worth approximately $30,000. Compound Planning Inc. bought a new stake in shares of ImmunityBio during the 1st quarter worth approximately $30,000. Xponance Inc. bought a new stake in shares of ImmunityBio during the 1st quarter worth approximately $33,000. Finally, Humankind Investments LLC bought a new stake in shares of ImmunityBio during the 1st quarter worth approximately $34,000. 8.58% of the stock is owned by institutional investors.

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.