ImmunityBio Target of Unusually Large Options Trading (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) was the recipient of unusually large options trading activity on Wednesday. Stock traders bought 18,890 call options on the company. Thisisanincreaseofapproximately283% compared to the average volume of 4,932 call options.

Hedge Funds Weigh In On ImmunityBio

Hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC boosted its stake in shares of ImmunityBio by 181.6% during the second quarter. Tower Research Capital LLC TRC now owns 16,922 shares of the company's stock valued at $45,000 after acquiring an additional 10,912 shares during the last quarter. Lazard Asset Management LLC acquired a new position in ImmunityBio in the 2nd quarter valued at about $91,000. Engineers Gate Manager LP purchased a new position in ImmunityBio in the 2nd quarter valued at about $35,000. Envision Financial Planning LLC acquired a new stake in shares of ImmunityBio during the 2nd quarter worth about $28,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of ImmunityBio by 83.7% during the second quarter. BNP Paribas Financial Markets now owns 32,135 shares of the company's stock worth $85,000 after buying an additional 14,643 shares in the last quarter. Hedge funds and other institutional investors own 8.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IBRX. Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and increased their target price for the company from $4.25 to $5.00 in a report on Tuesday, May 20th. D. Boral Capital reaffirmed a "buy" rating and set a $24.00 price objective on shares of ImmunityBio in a report on Thursday. Finally, HC Wainwright reiterated a "buy" rating and set a $8.00 target price on shares of ImmunityBio in a research report on Wednesday, June 4th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $10.75.

ImmunityBio Price Performance

IBRX traded down $0.12 during midday trading on Monday, reaching $2.43. 12,126,379 shares of the company's stock were exchanged, compared to its average volume of 7,871,115. ImmunityBio has a 1-year low of $1.83 and a 1-year high of $7.48. The stock has a market capitalization of $2.30 billion, a PE ratio of -5.06 and a beta of 0.12. The business's 50-day moving average price is $2.75 and its 200 day moving average price is $2.80.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.10) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.10). The business had revenue of $26.43 million for the quarter, compared to analysts' expectations of $21.95 million. As a group, analysts expect that ImmunityBio will post -0.92 EPS for the current fiscal year.

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.