ImmunityBio Sees Unusually High Options Volume (NASDAQ:IBRX)

Key Points

• ImmunityBio experienced a significant surge in options trading with an acquisition of 18,890 call options, representing a 283% increase compared to its average volume.
• The company's stock price rose to $2.76 with a trading volume of 14.6 million shares, exceeding its average volume significantly.
• An earnings report showed ImmunityBio posted a loss of ($0.10) EPS, matching analysts' expectations, while total revenue for the quarter reached $26.43 million, above estimates.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) saw some unusual options trading on Wednesday. Investors acquired 18,890 call options on the stock. Thisrepresentsanincreaseofapproximately283% compared to the typical volume of 4,932 call options.

ImmunityBio Stock Performance

NASDAQ:IBRX traded up $0.29 during mid-day trading on Wednesday, hitting $2.76. The stock had a trading volume of 14,631,896 shares, compared to its average volume of 7,698,447. ImmunityBio has a twelve month low of $1.83 and a twelve month high of $7.48. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of -5.72 and a beta of 0.12. The company's 50 day simple moving average is $2.77 and its 200 day simple moving average is $2.82.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.10). The firm had revenue of $26.43 million during the quarter, compared to analyst estimates of $21.95 million. As a group, equities analysts forecast that ImmunityBio will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On ImmunityBio

Several hedge funds have recently bought and sold shares of IBRX. Financial Enhancement Group LLC acquired a new stake in ImmunityBio during the second quarter worth approximately $28,000. Summit X LLC acquired a new stake in ImmunityBio during the second quarter worth approximately $28,000. Thrive Wealth Management LLC acquired a new stake in ImmunityBio during the first quarter worth approximately $30,000. Slow Capital Inc. acquired a new stake in ImmunityBio during the first quarter worth approximately $30,000. Finally, Compound Planning Inc. acquired a new stake in ImmunityBio during the first quarter worth approximately $30,000. 8.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. HC Wainwright restated a "buy" rating and issued a $8.00 price objective on shares of ImmunityBio in a report on Wednesday, June 4th. Piper Sandler upgraded ImmunityBio from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $4.25 to $5.00 in a report on Tuesday, May 20th. Finally, D. Boral Capital restated a "buy" rating and issued a $30.00 price objective on shares of ImmunityBio in a report on Tuesday, August 5th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ImmunityBio presently has a consensus rating of "Buy" and a consensus price target of $12.25.

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.

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