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

Key Points

• ImmunityBio's stock price gapped up from $2.47 to $2.63 at market open, closing at $2.60 with significant trading volume of 3,299,448 shares.
• Analysts have given ImmunityBio a consensus rating of "Buy", with a price target ranging from $5.00 to $30.00, indicating potential upside based on their assessments.
• ImmunityBio reported a revenue of $26.43 million for the last quarter, exceeding estimates, yet still projects an EPS of -0.92 for the current fiscal year.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $2.47, but opened at $2.63. ImmunityBio shares last traded at $2.60, with a volume of 3,299,448 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. D. Boral Capital reaffirmed a "buy" rating and set a $24.00 target price on shares of ImmunityBio in a research report on Thursday. HC Wainwright restated a "buy" rating and set a $8.00 price objective on shares of ImmunityBio in a report on Wednesday, June 4th. Finally, Piper Sandler raised 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 report on Tuesday, May 20th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $10.75.

ImmunityBio Stock Down 4.7%

The business has a 50-day simple moving average of $2.75 and a two-hundred day simple moving average of $2.80. The stock has a market capitalization of $2.30 billion, a P/E ratio of -5.06 and a beta of 0.12.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.10). The firm had revenue of $26.43 million for the quarter, compared to analyst estimates of $21.95 million. On average, sell-side analysts forecast that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its holdings in ImmunityBio by 181.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 16,922 shares of the company's stock worth $45,000 after acquiring an additional 10,912 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of ImmunityBio during the second quarter worth approximately $91,000. Engineers Gate Manager LP bought a new stake in shares of ImmunityBio during the second quarter valued at approximately $35,000. Envision Financial Planning LLC acquired a new stake in shares of ImmunityBio in the second quarter valued at approximately $28,000. Finally, BNP Paribas Financial Markets raised its position in ImmunityBio by 83.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 32,135 shares of the company's stock worth $85,000 after purchasing an additional 14,643 shares during the last quarter. 8.58% of the stock is owned by institutional investors and hedge funds.

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.