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

Key Points

• ImmunityBio's stock received a "buy" rating from D. Boral Capital with a price target of $30.00, reflecting confidence in its growth potential.
• Multiple brokerages have given ImmunityBio favorable ratings, with Piper Sandler upgrading its target price from $4.25 to $5.00 and HC Wainwright maintaining an $8.00 target.
• Recent institutional investments have increased, with Vanguard and Citigroup significantly boosting their stakes in ImmunityBio, indicating strong institutional interest in the company.

D. Boral Capital reiterated their buy rating on shares of ImmunityBio (NASDAQ:IBRX - Free Report) in a research report sent to investors on Friday morning,Benzinga reports. D. Boral Capital currently has a $30.00 target price on the stock.

Several other analysts have also recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and issued a $8.00 target price on shares of ImmunityBio in a research note on Wednesday, June 4th. Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $4.25 to $5.00 in a research note on Tuesday, May 20th. 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 MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $12.25.

ImmunityBio Price Performance

NASDAQ IBRX traded down $0.11 during mid-day trading on Friday, reaching $2.55. 4,633,186 shares of the stock were exchanged, compared to its average volume of 7,708,204. ImmunityBio has a one year low of $1.83 and a one year high of $7.48. The stock has a 50 day simple moving average of $2.81 and a 200-day simple moving average of $2.85. The stock has a market cap of $2.25 billion, a P/E ratio of -4.39 and a beta of 0.08.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN grew its stake in shares of ImmunityBio by 30.4% during the 4th quarter. Wells Fargo & Company MN now owns 138,605 shares of the company's stock worth $355,000 after purchasing an additional 32,334 shares during the period. Altium Capital Management LLC acquired a new position in ImmunityBio in the fourth quarter valued at about $2,714,000. Vanguard Group Inc. increased its stake in ImmunityBio by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company's stock worth $44,360,000 after purchasing an additional 425,713 shares during the period. Barclays PLC increased its stake in ImmunityBio by 9.8% during the fourth quarter. Barclays PLC now owns 396,484 shares of the company's stock worth $1,015,000 after purchasing an additional 35,448 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in ImmunityBio by 4.1% in the fourth quarter. Alliancebernstein L.P. now owns 214,030 shares of the company's stock valued at $548,000 after acquiring an additional 8,500 shares in the last quarter. 8.58% of the stock is currently 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.