ImmunityBio (NASDAQ:IBRX) Shares Gap Up – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.80, but opened at $2.89. ImmunityBio shares last traded at $2.97, with a volume of 1,976,354 shares.

Analyst Ratings Changes

Several research firms have issued reports on IBRX. HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of ImmunityBio in a report on Monday, May 12th. D. Boral Capital reiterated a “buy” rating and set a $30.00 price objective on shares of ImmunityBio in a research note on Monday, May 12th. Finally, Piper Sandler upgraded shares of ImmunityBio from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $4.25 to $5.00 in a research note on Tuesday. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $12.25.

ImmunityBio Trading Up 6.6%

The stock has a 50 day simple moving average of $2.64 and a 200-day simple moving average of $3.25. The firm has a market cap of $2.63 billion, a PE ratio of -3.26 and a beta of 0.33.

ImmunityBio (NASDAQ:IBRX) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03). The firm had revenue of $16.52 million during the quarter, compared to analysts’ expectations of $17.50 million. On average, equities research analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Institutional Investors Weigh In On ImmunityBio

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of ImmunityBio by 17.4% during the first quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company’s stock worth $61,237,000 after acquiring an additional 3,016,325 shares during the last quarter. Woodline Partners LP grew its position in shares of ImmunityBio by 682.7% during the fourth quarter. Woodline Partners LP now owns 3,442,440 shares of the company’s stock valued at $8,813,000 after purchasing an additional 3,002,622 shares in the last quarter. Tang Capital Management LLC bought a new stake in shares of ImmunityBio in the fourth quarter worth about $7,204,000. Citigroup Inc. lifted its position in shares of ImmunityBio by 605.9% in the first quarter. Citigroup Inc. now owns 2,714,662 shares of the company’s stock worth $8,171,000 after buying an additional 2,330,086 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in ImmunityBio by 7.9% during the fourth quarter. Northern Trust Corp now owns 1,323,424 shares of the company’s stock valued at $3,388,000 after buying an additional 97,348 shares during 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.