ImmunityBio (NASDAQ:IBRX) Given Buy Rating at D. Boral Capital

Key Points

• D. Boral Capital has reaffirmed a "buy" rating for ImmunityBio (IBRX) with a target price of $24.00, while other analysts have set targets ranging from $5.00 to $10.75.
• ImmunityBio reported revenue of $26.43 million for the last quarter, exceeding analyst expectations, and has an average rating of "Buy" across multiple analysts.
• Institutional investors have shown increased interest, with Vanguard Group boosting its stake by 17.4%, indicating growing confidence in the company's future prospects.

ImmunityBio (NASDAQ:IBRX - Get Free Report)'s stock had its "buy" rating reiterated by D. Boral Capital in a research report issued on Thursday,Benzinga reports. They currently have a $24.00 price objective on the stock.

A number of other research firms have also recently commented on IBRX. HC Wainwright restated a "buy" rating and set a $8.00 target price on shares of ImmunityBio in a research note on Wednesday, June 4th. Piper Sandler upgraded ImmunityBio from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $4.25 to $5.00 in a research note on Tuesday, May 20th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $10.75.

ImmunityBio Price Performance

ImmunityBio stock traded down $0.16 during midday trading on Thursday, reaching $2.55. 9,761,357 shares of the company traded hands, compared to its average volume of 9,168,358. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -5.31 and a beta of 0.12. The business has a 50 day moving average of $2.75 and a two-hundred day moving average of $2.81. ImmunityBio has a 12 month low of $1.83 and a 12 month high of $7.48.

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

Institutional Investors Weigh In On ImmunityBio

Several institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its holdings in ImmunityBio by 181.6% in the second quarter. Tower Research Capital LLC TRC now owns 16,922 shares of the company's stock worth $45,000 after acquiring an additional 10,912 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of ImmunityBio during the second quarter worth about $91,000. Engineers Gate Manager LP acquired a new stake in shares of ImmunityBio during the second quarter worth about $35,000. Envision Financial Planning LLC acquired a new stake in shares of ImmunityBio during the second quarter worth about $28,000. Finally, BNP Paribas Financial Markets lifted 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 purchasing an additional 14,643 shares during the period. Institutional investors and hedge funds own 8.58% of the company's stock.

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.