ImmunityBio (NASDAQ:IBRX) Shares Gap Up - Still a Buy?

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $2.86, but opened at $3.12. ImmunityBio shares last traded at $3.31, with a volume of 2,906,520 shares.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IBRX. D. Boral Capital reissued a "buy" rating and issued a $30.00 price objective on shares of ImmunityBio in a research note on Friday. BTIG Research began coverage on ImmunityBio in a research note on Friday, January 10th. They issued a "buy" rating and a $6.00 price objective for the company.

ImmunityBio Stock Performance

The stock has a 50 day moving average price of $3.03 and a two-hundred day moving average price of $3.73. The company has a market capitalization of $2.10 billion, a PE ratio of -3.28 and a beta of 0.94.

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

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Institutional Investors Weigh In On ImmunityBio

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank raised its stake in shares of ImmunityBio by 1.5% during the 4th quarter. Swiss National Bank now owns 274,000 shares of the company's stock worth $701,000 after purchasing an additional 4,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of ImmunityBio by 22.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company's stock valued at $99,000 after acquiring an additional 4,545 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of ImmunityBio by 7.7% in the 4th quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock valued at $189,000 after acquiring an additional 5,261 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of ImmunityBio by 20.4% in the 4th quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company's stock valued at $107,000 after acquiring an additional 7,067 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of ImmunityBio by 29.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 37,006 shares of the company's stock valued at $95,000 after acquiring an additional 8,359 shares in the last quarter. 8.58% of the stock is owned by hedge funds and other 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.