ImmunityBio's (IBRX) Buy Rating Reaffirmed at D. Boral Capital

Key Points

• D. Boral Capital reaffirmed a Buy rating on ImmunityBio and set a $23 price target, implying roughly a 174% upside from the prior close.
• Shares traded at $8.40 (down ~3.2%) with a market cap of $8.63B; the company reported Q results of EPS (‑$0.06) beating estimates (‑$0.08) and $38.3M revenue, while analysts hold a consensus Moderate Buy with an average target of $13.60.
• Significant insider activity: directors sold large blocks (165,000 and 50,000 shares) and insiders sold 501,967 shares worth ~$4.47M in the past three months, though insiders still own 69.48% of the stock.

ImmunityBio (NASDAQ:IBRX - Get Free Report)'s stock had its "buy" rating restated by research analysts at D. Boral Capital in a report released on Monday,Benzinga reports. They currently have a $23.00 price target on the stock. D. Boral Capital's target price suggests a potential upside of 173.97% from the stock's previous close.

Several other research analysts have also commented on IBRX. Jefferies Financial Group lifted their price objective on shares of ImmunityBio from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 12th. Piper Sandler restated an "overweight" rating and set a $12.00 target price (up from $7.00) on shares of ImmunityBio in a research report on Wednesday, March 4th. The Goldman Sachs Group reiterated a "buy" rating on shares of ImmunityBio in a report on Monday, February 23rd. Weiss Ratings reissued a "sell (e+)" rating on shares of ImmunityBio in a research note on Monday, December 29th. Finally, BTIG Research upped their price objective on ImmunityBio from $6.00 to $9.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, ImmunityBio currently has a consensus rating of "Moderate Buy" and an average price target of $13.60.

ImmunityBio Trading Down 3.2%

ImmunityBio stock traded down $0.28 during trading on Monday, reaching $8.40. The company had a trading volume of 21,467,044 shares, compared to its average volume of 43,183,582. The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of -22.04 and a beta of -0.03. The firm's 50-day simple moving average is $6.00 and its 200 day simple moving average is $3.63. ImmunityBio has a 52 week low of $1.83 and a 52 week high of $12.43.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02. The company had revenue of $38.29 million during the quarter. On average, analysts predict that ImmunityBio will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In other ImmunityBio news, Director Barry J. Simon sold 165,000 shares of the company's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $10.25, for a total transaction of $1,691,250.00. Following the completion of the sale, the director owned 2,925,821 shares in the company, valued at $29,989,665.25. This represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christobel Selecky sold 50,000 shares of the stock in a transaction on Friday, January 16th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 501,967 shares of company stock valued at $4,466,412 in the last three months. 69.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ImmunityBio

A number of large investors have recently added to or reduced their stakes in the company. Walser Wealth Management Company A Ltd Liability Co bought a new position in shares of ImmunityBio during the 4th quarter worth approximately $59,000. Invesco Ltd. grew its holdings in ImmunityBio by 14.6% in the fourth quarter. Invesco Ltd. now owns 182,836 shares of the company's stock worth $362,000 after purchasing an additional 23,353 shares during the last quarter. Corient Private Wealth LLC increased its position in shares of ImmunityBio by 69.7% during the fourth quarter. Corient Private Wealth LLC now owns 333,149 shares of the company's stock worth $660,000 after purchasing an additional 136,858 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of ImmunityBio during the 4th quarter valued at $35,000. Finally, Empowered Funds LLC acquired a new stake in shares of ImmunityBio in the 4th quarter worth $28,000. 8.58% of the stock is currently owned by institutional investors.

About ImmunityBio

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.

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