ImmunityBio (NASDAQ:IBRX) Shares Gap Up - Here's Why

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.89, but opened at $2.97. ImmunityBio shares last traded at $2.91, with a volume of 1,154,488 shares changing hands.

Analyst Ratings Changes

IBRX has been the subject of several recent analyst reports. 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. D. Boral Capital reaffirmed a "buy" rating and issued a $30.00 price objective on shares of ImmunityBio in a research report on Tuesday, April 15th. Finally, HC Wainwright reiterated a "buy" rating and set a $8.00 target price on shares of ImmunityBio in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $12.19.

ImmunityBio Stock Performance

The stock's fifty day simple moving average is $2.95 and its two-hundred day simple moving average is $3.50. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -2.68 and a beta of 0.51.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.11. The firm had revenue of $7.55 million during the quarter, compared to analysts' expectations of $8.74 million. Analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Trading of ImmunityBio

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp raised its stake in shares of ImmunityBio by 10.1% during the third quarter. State Street Corp now owns 8,654,460 shares of the company's stock valued at $32,195,000 after purchasing an additional 790,408 shares during the period. Barclays PLC boosted its position in ImmunityBio by 127.4% in the 3rd quarter. Barclays PLC now owns 361,036 shares of the company's stock valued at $1,344,000 after buying an additional 202,248 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of ImmunityBio by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company's stock valued at $44,360,000 after acquiring an additional 425,713 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in shares of ImmunityBio by 71.2% in the fourth quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company's stock worth $236,000 after acquiring an additional 38,400 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of ImmunityBio during the 4th quarter valued at approximately $58,000. Institutional investors and hedge funds own 8.58% of the company's stock.

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.