ImmunityBio (NASDAQ:IBRX) Stock Price Up 7.3% - Should You Buy?

Key Points

• Shares of ImmunityBio, Inc. (NASDAQ: IBRX) increased by 7.3%, reaching a last traded price of $2.59 with trading volume up to 16.7 million shares.
• Analysts view ImmunityBio positively, with Piper Sandler upgrading the stock to an "overweight" rating and raising the target price to $5.00, while HC Wainwright maintained a "buy" rating with an $8.00 price objective.
• The company reported $26.43 million in revenue last quarter, exceeding analyst expectations, and is predicted to post a -0.92 EPS for the current year.

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) rose 7.3% on Tuesday . The stock traded as high as $2.59 and last traded at $2.59. Approximately 16,746,669 shares traded hands during trading, an increase of 112% from the average daily volume of 7,913,108 shares. The stock had previously closed at $2.41.

Wall Street Analysts Forecast Growth

IBRX has been the subject of several recent analyst reports. Piper Sandler upgraded ImmunityBio from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $4.25 to $5.00 in a research note on Tuesday, May 20th. HC Wainwright reiterated a "buy" rating and issued a $8.00 price objective on shares of ImmunityBio in a research note on Wednesday, June 4th. Finally, D. Boral Capital reiterated a "buy" rating and issued a $24.00 price objective on shares of ImmunityBio in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $10.75.

ImmunityBio Stock Up 6.4%

The company has a market cap of $2.42 billion, a price-to-earnings ratio of -5.34 and a beta of 0.30. The company has a fifty day simple moving average of $2.56 and a two-hundred day simple moving average of $2.68.

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

Institutional Trading of ImmunityBio

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in ImmunityBio by 17.4% in the first quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company's stock valued at $61,237,000 after purchasing an additional 3,016,325 shares during the last quarter. Armistice Capital LLC acquired a new stake in shares of ImmunityBio during the second quarter valued at $20,497,000. Geode Capital Management LLC boosted its stake in shares of ImmunityBio by 34.7% during the second quarter. Geode Capital Management LLC now owns 5,777,269 shares of the company's stock valued at $15,254,000 after acquiring an additional 1,487,849 shares during the last quarter. Woodline Partners LP boosted its stake in shares of ImmunityBio by 682.7% during the fourth quarter. Woodline Partners LP now owns 3,442,440 shares of the company's stock valued at $8,813,000 after acquiring an additional 3,002,622 shares during the last quarter. Finally, AlphaCore Capital LLC acquired a new stake in shares of ImmunityBio during the second quarter valued at $7,854,000. 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.

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