ImmunityBio (NASDAQ:IBRX) Trading 14.5% Higher - Here's What Happened

Key Points

• Shares of ImmunityBio were up 14.5% on Monday, trading as high as $7.03 and last at $6.93, with about 23.6 million shares changing hands (roughly 47% below average daily volume).
• Several brokers raised price targets (Jefferies to $9, HC Wainwright to $10, BTIG to $9, Piper to $7) and the stock has a consensus rating of Moderate Buy with a consensus price target of $11.80.
• Company insiders have sold 226,967 shares worth about $1.53 million over the past 90 days, although corporate insiders still own 69.48% of the company.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s share price was up 14.5% during trading on Monday . The company traded as high as $7.03 and last traded at $6.93. Approximately 23,578,862 shares traded hands during trading, a decline of 47% from the average daily volume of 44,895,594 shares. The stock had previously closed at $6.05.

Analysts Set New Price Targets

Several brokerages have commented on IBRX. Weiss Ratings restated a "sell (e+)" rating on shares of ImmunityBio in a report on Monday, December 29th. Jefferies Financial Group upped their price target on ImmunityBio from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 12th. HC Wainwright boosted their target price on shares of ImmunityBio from $8.00 to $10.00 and gave the company a "buy" rating in a report on Monday, January 26th. Piper Sandler upped their target price on shares of ImmunityBio from $5.00 to $7.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 20th. Finally, BTIG Research lifted their price target on shares of 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $11.80.

ImmunityBio Stock Up 14.5%

The stock has a market cap of $6.83 billion, a PE ratio of -16.90 and a beta of 0.14. The stock's fifty day moving average price is $3.61 and its 200 day moving average price is $2.83.

Insiders Place Their Bets

In other ImmunityBio news, Director Barry J. Simon sold 151,967 shares of the company's stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $7.20, for a total transaction of $1,094,162.40. Following the transaction, the director owned 3,091,604 shares in the company, valued at approximately $22,259,548.80. This represents a 4.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christobel Selecky sold 50,000 shares of the business's stock in a transaction that occurred on Friday, January 16th. The shares were 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. Over the last ninety days, insiders have sold 226,967 shares of company stock worth $1,531,912. Corporate insiders own 69.48% of the company's stock.

Institutional Trading of ImmunityBio

Several large investors have recently modified their holdings of IBRX. Slow Capital Inc. purchased a new position in ImmunityBio in the third quarter worth about $25,000. Truist Financial Corp purchased a new position in shares of ImmunityBio in the third quarter worth approximately $27,000. Swiss Life Asset Management Ltd bought a new stake in ImmunityBio during the third quarter valued at approximately $27,000. WealthPlan Investment Management LLC purchased a new stake in ImmunityBio during the fourth quarter valued at approximately $27,000. Finally, Diversify Advisory Services LLC purchased a new stake in ImmunityBio during the second quarter valued at approximately $27,000. Institutional investors own 8.58% of the company's stock.

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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