ImmunityBio (NASDAQ:IBRX) Stock Price Up 1.2% - What's Next?

Key Points

• Shares of ImmunityBio rose about 1.2% midday to around $6.62 (intraday high $6.87) on volume of 13.36 million shares, about 68% below the stock's average session volume.
• Wall Street sentiment is generally positive with a consensus rating of Moderate Buy and an average analyst target of $11.80, after several firms raised price targets (examples: HC Wainwright to $10, Piper Sandler to $7, BTIG to $9).
• Insiders have sold shares recently (226,967 shares, ~$1.53M over the last quarter) even though company insiders still own a substantial 69.48% of the stock.

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) shot up 1.2% during mid-day trading on Thursday . The stock traded as high as $6.87 and last traded at $6.62. 13,364,308 shares were traded during trading, a decline of 68% from the average session volume of 42,219,293 shares. The stock had previously closed at $6.54.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. HC Wainwright lifted their price objective on ImmunityBio from $8.00 to $10.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Piper Sandler raised their price objective on shares of ImmunityBio from $5.00 to $7.00 and gave the company an "overweight" rating in a research note on Tuesday, January 20th. D. Boral Capital reiterated a "buy" rating and issued a $24.00 target price on shares of ImmunityBio in a research note on Tuesday, January 20th. Weiss Ratings reissued a "sell (e+)" rating on shares of ImmunityBio in a research report on Monday, December 29th. Finally, BTIG Research upped their price objective on ImmunityBio from $6.00 to $9.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $11.80.

ImmunityBio Trading Up 1.2%

The firm has a market capitalization of $6.52 billion, a P/E ratio of -16.15 and a beta of 0.16. The stock has a 50 day simple moving average of $3.79 and a 200-day simple moving average of $2.88.

Insider Buying and Selling at ImmunityBio

In related news, Director Barry J. Simon sold 151,967 shares of the business's stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total transaction of $1,094,162.40. Following the completion of the transaction, the director directly owned 3,091,604 shares in the company, valued at approximately $22,259,548.80. The trade was a 4.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Christobel Selecky sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. The SEC filing for this sale provides additional information. Insiders have sold 226,967 shares of company stock worth $1,531,912 over the last quarter. 69.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On ImmunityBio

Several large investors have recently made changes to their positions in the business. Slow Capital Inc. bought a new stake in ImmunityBio during the 3rd quarter valued at approximately $25,000. Truist Financial Corp purchased a new position in ImmunityBio during the third quarter valued at $27,000. Swiss Life Asset Management Ltd purchased a new stake in ImmunityBio in the 3rd quarter worth $27,000. WealthPlan Investment Management LLC bought a new position in shares of ImmunityBio during the 4th quarter valued at about $27,000. Finally, Diversify Advisory Services LLC purchased a new position in shares of ImmunityBio during the second quarter valued at about $27,000. 8.58% of the stock is currently owned by hedge funds and other institutional investors.

About ImmunityBio

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.

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