ImmunityBio (NASDAQ:IBRX) Trading 7.3% Higher - Here's Why

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.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s stock price shot up 7.3% during trading on Tuesday . The company traded as high as $2.59 and last traded at $2.59. 16,746,669 shares were traded during mid-day trading, an increase of 112% from the average session volume of 7,913,108 shares. The stock had previously closed at $2.41.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IBRX. D. Boral Capital reissued a "buy" rating and issued a $24.00 price objective on shares of ImmunityBio in a research note on Monday, September 8th. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price target on shares of ImmunityBio in a report on Wednesday. Finally, Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $4.25 to $5.00 in a report on Tuesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $10.75.

ImmunityBio Price Performance

The stock has a market capitalization of $2.46 billion, a PE ratio of -5.42 and a beta of 0.30. The business's fifty day moving average price is $2.55 and its two-hundred day moving average price is $2.67.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.10). The company had revenue of $26.43 million for the quarter, compared to analysts' expectations of $21.95 million. As a group, equities research analysts anticipate that ImmunityBio, Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

Several hedge funds have recently added to or reduced their stakes in IBRX. Armistice Capital LLC purchased a new stake in ImmunityBio in the second quarter valued at $20,497,000. Vanguard Group Inc. raised its position in shares of ImmunityBio by 17.4% in the first quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company's stock worth $61,237,000 after acquiring an additional 3,016,325 shares during the period. Woodline Partners LP raised its position in shares of ImmunityBio by 682.7% in the fourth quarter. Woodline Partners LP now owns 3,442,440 shares of the company's stock worth $8,813,000 after acquiring an additional 3,002,622 shares during the period. AlphaCore Capital LLC acquired a new position in shares of ImmunityBio in the second quarter worth about $7,854,000. Finally, Tang Capital Management LLC acquired a new position in shares of ImmunityBio in the fourth quarter worth about $7,204,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

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.