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

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s share price 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 changing hands.

Analyst Upgrades and Downgrades

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

ImmunityBio Price Performance

The company has a market capitalization of $2.78 billion, a P/E ratio of -3.42 and a beta of 0.14. The stock's fifty day simple moving average is $2.58 and its 200-day simple moving average is $3.06.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced 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 company had revenue of $16.52 million during the quarter, compared to analysts' expectations of $17.50 million. On average, research analysts predict that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On ImmunityBio

Several large investors have recently bought and sold shares of the stock. Swiss National Bank increased 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 purchasing an additional 4,000 shares during the period. ProShare Advisors LLC grew its position 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 buying an additional 5,261 shares in the last quarter. XTX Topco Ltd increased its stake in ImmunityBio by 5.4% during the first quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock valued at $336,000 after acquiring an additional 5,764 shares during the period. Crestwood Advisors Group LLC raised its holdings in 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 acquiring an additional 6,000 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its position in shares of ImmunityBio by 20.4% in the 4th quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company's stock worth $107,000 after acquiring an additional 7,067 shares during the period. 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.