ImmunityBio (NASDAQ:IBRX) Stock Price Up 10.9% - Should You Buy?

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s share price rose 10.9% during trading on Wednesday . The company traded as high as $2.93 and last traded at $3.01. Approximately 6,240,282 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 6,394,411 shares. The stock had previously closed at $2.71.

Analyst Ratings Changes

Several equities analysts have recently issued reports on IBRX shares. D. Boral Capital reissued a "buy" rating and set a $30.00 target price on shares of ImmunityBio in a research note on Friday. Piper Sandler raised ImmunityBio from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $4.25 to $5.00 in a research note on Tuesday, May 20th. Finally, HC Wainwright reissued a "buy" rating and set a $8.00 target price on shares of ImmunityBio in a research note on Wednesday, June 4th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $12.25.

ImmunityBio Stock Down 3.8%

The company has a fifty day simple moving average of $2.81 and a 200 day simple moving average of $2.84. The firm has a market capitalization of $2.56 billion, a P/E ratio of -5.03 and a beta of 0.08.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted 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 acquiring an additional 3,016,325 shares during the period. Woodline Partners LP lifted its holdings in ImmunityBio by 682.7% in 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 period. Tang Capital Management LLC purchased a new stake in ImmunityBio in the fourth quarter worth about $7,204,000. Citigroup Inc. raised its stake in shares of ImmunityBio by 605.9% in the first quarter. Citigroup Inc. now owns 2,714,662 shares of the company's stock worth $8,171,000 after buying an additional 2,330,086 shares during the period. Finally, Northern Trust Corp raised its stake in shares of ImmunityBio by 7.9% in the fourth quarter. Northern Trust Corp now owns 1,323,424 shares of the company's stock worth $3,388,000 after buying an additional 97,348 shares during the period. 8.58% of the stock is owned by 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.