ImmunityBio (NASDAQ:IBRX) Trading 6.3% Higher - Should You Buy?

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

Wall Street Analysts Forecast Growth

IBRX has been the topic of several recent research reports. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price target on shares of ImmunityBio in a report on Monday, May 12th. D. Boral Capital reaffirmed a "buy" rating and issued a $30.00 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 upped their price target for the company from $4.25 to $5.00 in a report on Tuesday, May 20th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $12.25.

ImmunityBio Stock Performance

The firm's 50 day moving average price is $2.61 and its 200-day moving average price is $3.10. The firm has a market capitalization of $2.36 billion, a PE ratio of -2.90 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 (EPS) 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 analyst estimates of $17.50 million. On average, equities research analysts expect 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 modified their holdings of IBRX. China Universal Asset Management Co. Ltd. lifted its stake 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 valued at $378,000 after buying an additional 13,788 shares in the last quarter. Stephens Inc. AR purchased a new position in ImmunityBio in the 4th quarter valued at about $26,000. New York State Common Retirement Fund lifted its stake in ImmunityBio by 62.8% in the 4th quarter. New York State Common Retirement Fund now owns 32,418 shares of the company's stock valued at $83,000 after buying an additional 12,500 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in ImmunityBio by 71.2% in 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 ImmunityBio in the 4th quarter valued at about $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.