ImmunityBio (NASDAQ:IBRX) Sees Unusually-High Trading Volume – Time to Buy?

ImmunityBio, Inc. (NASDAQ:IBRX) shares saw strong trading volume on Wednesday . 9,373,812 shares were traded during mid-day trading, an increase of 57% from the previous session’s volume of 5,972,432 shares.The stock last traded at $3.90 and had previously closed at $3.35.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. D. Boral Capital reiterated a “buy” rating and issued a $30.00 target price on shares of ImmunityBio in a research note on Friday, February 14th. EF Hutton Acquisition Co. I upgraded shares of ImmunityBio to a “strong-buy” rating in a research note on Wednesday, October 23rd. Finally, BTIG Research assumed coverage on shares of ImmunityBio in a research note on Friday, January 10th. They issued a “buy” rating and a $6.00 target price for the company.

ImmunityBio Stock Performance

The firm’s 50 day simple moving average is $2.95 and its 200-day simple moving average is $3.79. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -4.27 and a beta of 0.94.

Institutional Investors Weigh In On ImmunityBio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. acquired a new stake in ImmunityBio during the 4th quarter worth $37,000. Waverly Advisors LLC acquired a new stake in ImmunityBio during the 4th quarter worth $38,000. Woodline Partners LP boosted its position in shares of ImmunityBio by 682.7% during the 4th quarter. Woodline Partners LP now owns 3,442,440 shares of the company’s stock valued at $8,813,000 after acquiring an additional 3,002,622 shares during the last quarter. Wexford Capital LP acquired a new position in shares of ImmunityBio during the 4th quarter valued at about $85,000. Finally, Two Sigma Investments LP acquired a new position in shares of ImmunityBio during the 4th quarter valued at about $72,000. 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.