ImmunityBio (NASDAQ:IBRX) Shares Gap Up - Time to Buy?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $2.53, but opened at $2.71. ImmunityBio shares last traded at $2.69, with a volume of 1,635,604 shares.

Analyst Upgrades and Downgrades

IBRX has been the subject of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price target on shares of ImmunityBio in a research note on Monday, May 12th. D. Boral Capital restated a "buy" rating and set a $30.00 price target on shares of ImmunityBio in a research note on Wednesday. Finally, Piper Sandler upgraded shares of ImmunityBio from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $4.25 to $5.00 in a research note on Tuesday, May 20th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $12.25.

ImmunityBio Stock Up 5.7%

The stock has a market cap of $2.29 billion, a PE ratio of -2.83 and a beta of 0.33. The business's fifty day moving average is $2.61 and its 200 day moving average is $3.13.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.03). The firm had revenue of $16.52 million during the quarter, compared to analyst estimates of $17.50 million. As a group, analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Institutional Investors Weigh In On ImmunityBio

Institutional investors and hedge funds have recently bought and sold shares of the business. Mutual Advisors LLC acquired a new position in shares of ImmunityBio during the fourth quarter valued at approximately $41,000. China Universal Asset Management Co. Ltd. lifted its position in shares of ImmunityBio by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 147,754 shares of the company's stock worth $378,000 after purchasing an additional 13,788 shares in the last quarter. Stephens Inc. AR acquired a new stake in ImmunityBio during the fourth quarter valued at $26,000. New York State Common Retirement Fund grew its position in ImmunityBio by 62.8% in the fourth quarter. New York State Common Retirement Fund now owns 32,418 shares of the company's stock worth $83,000 after acquiring an additional 12,500 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in ImmunityBio by 71.2% during the fourth quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company's stock valued at $236,000 after buying an additional 38,400 shares in the last quarter. Institutional investors and hedge funds 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.