ImmunityBio (NASDAQ:IBRX) Shares Gap Up - What's Next?

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) shares gapped up before the market opened 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.

Analysts Set New Price Targets

A number of brokerages have commented on IBRX. HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of ImmunityBio in a research note on Wednesday, June 4th. Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $4.25 to $5.00 in a report on Tuesday, May 20th. Finally, D. Boral Capital reaffirmed a "buy" rating and set a $30.00 price objective on shares of ImmunityBio in a report on Tuesday. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $12.25.

ImmunityBio Stock Up 3.0%

The company has a market cap of $2.46 billion, a price-to-earnings ratio of -4.81 and a beta of 0.08. The company's fifty day moving average price is $2.70 and its two-hundred day moving average price is $2.83.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in ImmunityBio by 17.4% during the 1st quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company's stock worth $61,237,000 after buying an additional 3,016,325 shares in the last quarter. Woodline Partners LP lifted its holdings in ImmunityBio by 682.7% during the 4th quarter. Woodline Partners LP now owns 3,442,440 shares of the company's stock worth $8,813,000 after buying an additional 3,002,622 shares in the last quarter. Tang Capital Management LLC acquired a new position in ImmunityBio during the 4th quarter worth $7,204,000. Citigroup Inc. lifted its holdings in ImmunityBio by 605.9% during the 1st quarter. Citigroup Inc. now owns 2,714,662 shares of the company's stock worth $8,171,000 after buying an additional 2,330,086 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in ImmunityBio by 7.9% during the 4th quarter. Northern Trust Corp now owns 1,323,424 shares of the company's stock worth $3,388,000 after buying an additional 97,348 shares in 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.