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

Key Points

• D. Boral Capital reaffirmed a Buy rating on ImmunityBio with a $23 price target, implying roughly a 150% upside from the prior close.
• Shares traded up 8.4% to $9.18, with a market cap of $9.44 billion, a negative P/E (-24.1), 50-/200-day moving averages of $7.24/$4.05, and a 12‑month range of $1.83–$12.43.
• There has been notable insider selling recently—501,967 shares (~$4.47M) sold in the last three months—despite insiders owning about 69.5% of the stock, while institutional ownership stands near 8.6%.

ImmunityBio (NASDAQ:IBRX - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at D. Boral Capital in a research note issued on Monday,Benzinga reports. They presently have a $23.00 price target on the stock. D. Boral Capital's target price would suggest a potential upside of 150.49% from the stock's previous close.

IBRX has been the topic of several other research reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of ImmunityBio in a report on Monday, December 29th. The Goldman Sachs Group reissued a "buy" rating on shares of ImmunityBio in a research report on Monday, February 23rd. HC Wainwright raised their price objective on shares of ImmunityBio from $10.00 to $15.00 and gave the company a "buy" rating in a report on Monday, February 23rd. 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 report on Friday, December 12th. Finally, Piper Sandler reiterated an "overweight" rating and set a $12.00 target price (up from $7.00) on shares of ImmunityBio in a research note on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $14.40.

ImmunityBio Trading Up 8.4%

IBRX traded up $0.71 on Monday, hitting $9.18. 8,647,142 shares of the company were exchanged, compared to its average volume of 39,259,148. The firm has a 50-day moving average price of $7.24 and a two-hundred day moving average price of $4.05. ImmunityBio has a twelve month low of $1.83 and a twelve month high of $12.43. The company has a market cap of $9.44 billion, a price-to-earnings ratio of -24.10 and a beta of -0.04.

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

Insider Buying and Selling

In related news, Director Barry J. Simon sold 75,000 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $12.01, for a total value of $900,750.00. Following the transaction, the director directly owned 2,850,821 shares of the company's stock, valued at $34,238,360.21. This trade represents a 2.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Christobel Selecky sold 25,000 shares of the business's stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $10.00, for a total transaction of $250,000.00. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 501,967 shares of company stock worth $4,466,412. 69.48% of the stock is owned by corporate insiders.

Institutional Trading of ImmunityBio

A number of hedge funds and other institutional investors have recently made changes to their positions in IBRX. Walser Wealth Management Company A Ltd Liability Co acquired a new stake in shares of ImmunityBio in the 4th quarter valued at about $59,000. Invesco Ltd. increased its position in ImmunityBio by 14.6% during the fourth quarter. Invesco Ltd. now owns 182,836 shares of the company's stock worth $362,000 after buying an additional 23,353 shares during the period. Corient Private Wealth LLC lifted its stake in ImmunityBio by 69.7% in the fourth quarter. Corient Private Wealth LLC now owns 333,149 shares of the company's stock valued at $660,000 after buying an additional 136,858 shares during the last quarter. EP Wealth Advisors LLC purchased a new stake in ImmunityBio in the fourth quarter valued at approximately $35,000. Finally, Empowered Funds LLC acquired a new stake in shares of ImmunityBio in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 8.58% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.