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

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $2.66, but opened at $2.77. ImmunityBio shares last traded at $2.74, with a volume of 3,094,538 shares traded.

Analyst Ratings Changes

IBRX has been the subject of a number of analyst reports. HC Wainwright reiterated a "buy" rating and set a $8.00 target price on shares of ImmunityBio in a research note on Wednesday. Piper Sandler upgraded shares of ImmunityBio from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $4.25 to $5.00 in a research note on Tuesday, May 20th. Finally, D. Boral Capital reaffirmed a "buy" rating and issued a $30.00 target price on shares of ImmunityBio in a report on Tuesday. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $12.25.

ImmunityBio Price Performance

The firm's 50-day simple moving average is $2.59 and its two-hundred day simple moving average is $3.07. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -3.15 and a beta of 0.14.

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

Institutional Trading of ImmunityBio

Several large investors have recently modified their holdings of IBRX. Stephens Inc. AR acquired a new stake in shares of ImmunityBio in the fourth quarter valued at approximately $26,000. New York State Common Retirement Fund grew its position in shares of ImmunityBio by 62.8% in the fourth quarter. New York State Common Retirement Fund now owns 32,418 shares of the company's stock valued at $83,000 after purchasing an additional 12,500 shares during the last quarter. Handelsbanken Fonder AB grew its position in shares of ImmunityBio by 71.2% in the fourth quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company's stock valued at $236,000 after purchasing an additional 38,400 shares during the last quarter. Crestwood Advisors Group LLC acquired a new stake in shares of ImmunityBio in the fourth quarter valued at approximately $41,000. Finally, Maia Wealth LLC acquired a new stake in shares of ImmunityBio in the fourth quarter valued at approximately $37,000. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.