ImmunityBio (NASDAQ:IBRX) Stock Price Up 10.6% - Here's Why

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

Analyst Ratings Changes

IBRX has been the subject of several analyst reports. HC Wainwright restated a "buy" rating and issued a $8.00 target price on shares of ImmunityBio in a research note on Thursday, March 13th. BTIG Research initiated coverage on ImmunityBio in a report on Friday, January 10th. They set a "buy" rating and a $6.00 price objective on the stock. Finally, D. Boral Capital reissued a "buy" rating and issued a $30.00 price target on shares of ImmunityBio in a research note on Monday. One 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 MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $12.19.

ImmunityBio Stock Performance

The business has a 50-day simple moving average of $3.13 and a 200 day simple moving average of $3.60. The firm has a market cap of $2.57 billion, a P/E ratio of -3.27 and a beta of 0.82.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.26) by $0.11. The company had revenue of $7.55 million for the quarter, compared to analysts' expectations of $8.74 million. On average, research analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current year.

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Institutional Trading of ImmunityBio

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of ImmunityBio by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company's stock valued at $44,360,000 after buying an additional 425,713 shares in the last quarter. State Street Corp boosted its holdings in shares of ImmunityBio by 10.1% during the 3rd quarter. State Street Corp now owns 8,654,460 shares of the company's stock valued at $32,195,000 after acquiring an additional 790,408 shares during the last quarter. Woodline Partners LP grew its position in ImmunityBio by 682.7% in the 4th quarter. Woodline Partners LP now owns 3,442,440 shares of the company's stock worth $8,813,000 after purchasing an additional 3,002,622 shares during the period. Tang Capital Management LLC bought a new stake in shares of ImmunityBio in the fourth quarter worth $7,204,000. Finally, Northern Trust Corp increased its position in shares of ImmunityBio by 7.9% during the 4th quarter. Northern Trust Corp now owns 1,323,424 shares of the company's stock valued at $3,388,000 after purchasing an additional 97,348 shares during the last quarter. 8.58% of the stock is currently owned by hedge funds and other 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.