ImmunityBio (NASDAQ:IBRX) Shares Up 6.3% - Here's What Happened

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) shares rose 6.3% on Thursday . The company traded as high as $2.51 and last traded at $2.61. Approximately 245,302 shares traded hands during trading, a decline of 96% from the average daily volume of 5,573,670 shares. The stock had previously closed at $2.46.

Analyst Ratings Changes

Several equities analysts recently issued reports on IBRX shares. Piper Sandler raised ImmunityBio from a "neutral" rating to an "overweight" rating and upped their target price for the company from $4.25 to $5.00 in a research report on Tuesday, May 20th. HC Wainwright reissued a "buy" rating and issued a $8.00 price objective on shares of ImmunityBio in a report on Monday, May 12th. Finally, D. Boral Capital reaffirmed a "buy" rating and set a $30.00 target price on shares of ImmunityBio in a report on Wednesday, May 28th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ImmunityBio has a consensus rating of "Buy" and an average target price of $12.25.

ImmunityBio Price Performance

The stock has a fifty day simple moving average of $2.61 and a 200-day simple moving average of $3.09. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -2.89 and a beta of 0.33.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The firm had revenue of $16.52 million for the quarter, compared to analysts' expectations of $17.50 million. As a group, equities analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

Hedge funds have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. raised its holdings in ImmunityBio by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 147,754 shares of the company's stock worth $378,000 after purchasing an additional 13,788 shares during the period. Stephens Inc. AR purchased a new stake in shares of ImmunityBio in the fourth quarter valued at approximately $26,000. New York State Common Retirement Fund raised its stake in shares of ImmunityBio by 62.8% during the 4th quarter. New York State Common Retirement Fund now owns 32,418 shares of the company's stock worth $83,000 after buying an additional 12,500 shares during the period. Handelsbanken Fonder AB lifted its position in shares of ImmunityBio by 71.2% during the 4th quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company's stock valued at $236,000 after buying an additional 38,400 shares in the last quarter. Finally, Crestwood Advisors Group LLC purchased a new position in shares of ImmunityBio during the 4th quarter valued at approximately $41,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

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.