ImmunityBio (NASDAQ:IBRX) Trading 10.6% Higher – Should You Buy?

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price rose 10.6% during mid-day trading on Thursday . The stock traded as high as $3.09 and last traded at $3.08. Approximately 1,766,620 shares traded hands during trading, a decline of 68% from the average daily volume of 5,473,316 shares. The stock had previously closed at $2.78.

Wall Street Analyst Weigh In

IBRX has been the subject of several recent research reports. D. Boral Capital reissued a “buy” rating and issued a $30.00 target price on shares of ImmunityBio in a research report on Thursday, March 13th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of ImmunityBio in a report on Thursday, March 13th. Finally, BTIG Research began coverage on ImmunityBio in a report on Friday, January 10th. They set a “buy” rating and a $6.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ImmunityBio currently has a consensus rating of “Buy” and a consensus target price of $12.19.

ImmunityBio Price Performance

The stock’s 50 day moving average price is $3.13 and its two-hundred day moving average price is $3.60. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of -3.41 and a beta of 0.82.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings results on Monday, March 3rd. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.11. The business had revenue of $7.55 million during the quarter, compared to analyst estimates of $8.74 million. As a group, equities research analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Hedge Funds Weigh In On ImmunityBio

Several institutional investors and hedge funds have recently added to or reduced their stakes in IBRX. Intech Investment Management LLC acquired a new stake in shares of ImmunityBio during the 3rd quarter worth approximately $253,000. Charles Schwab Investment Management Inc. lifted its position in ImmunityBio by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,265,981 shares of the company’s stock worth $4,709,000 after purchasing an additional 29,665 shares during the period. Quantbot Technologies LP acquired a new stake in ImmunityBio during the third quarter worth $143,000. Captrust Financial Advisors acquired a new position in shares of ImmunityBio in the 3rd quarter valued at $41,000. Finally, Verition Fund Management LLC lifted its holdings in shares of ImmunityBio by 131.8% during the 3rd quarter. Verition Fund Management LLC now owns 94,270 shares of the company’s stock worth $351,000 after acquiring an additional 53,607 shares during the period. 8.58% of the stock is currently owned by institutional investors.

ImmunityBio Company Profile

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.