ImmunityBio (NASDAQ:IBRX) Rating Increased to Strong-Buy at EF Hutton Acquisition Co. I

ImmunityBio (NASDAQ:IBRX - Get Free Report) was upgraded by equities researchers at EF Hutton Acquisition Co. I to a "strong-buy" rating in a research note issued to investors on Wednesday, Zacks.com reports.

Separately, Piper Sandler cut their price objective on shares of ImmunityBio from $6.00 to $4.75 and set a "neutral" rating for the company in a research report on Monday, August 19th.

ImmunityBio Price Performance

IBRX traded up $0.75 on Wednesday, reaching $4.21. 12,560,100 shares of the company traded hands, compared to its average volume of 4,458,219. ImmunityBio has a 52-week low of $1.56 and a 52-week high of $10.53. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -3.86 and a beta of 1.02. The stock's 50 day moving average price is $3.68 and its 200-day moving average price is $5.36.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The business had revenue of $1.05 million during the quarter, compared to the consensus estimate of $2.53 million. As a group, equities research analysts forecast that ImmunityBio will post -0.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

Institutional investors have recently bought and sold shares of the business. Bleakley Financial Group LLC bought a new stake in ImmunityBio in the first quarter valued at about $58,000. Lazard Asset Management LLC lifted its position in shares of ImmunityBio by 102.6% during the 1st quarter. Lazard Asset Management LLC now owns 13,019 shares of the company's stock worth $68,000 after buying an additional 6,593 shares during the period. Axxcess Wealth Management LLC bought a new stake in ImmunityBio in the first quarter valued at $85,000. Algert Global LLC acquired a new position in ImmunityBio during the second quarter worth $86,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in ImmunityBio by 22.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company's stock worth $99,000 after acquiring an additional 4,545 shares in the last quarter. 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.