ImmunityBio (NASDAQ:IBRX) Shares Gap Up – Should You Buy?

ImmunityBio, Inc. (NASDAQ:IBRX) shares gapped up prior to trading on Wednesday . The stock had previously closed at $3.49, but opened at $3.64. ImmunityBio shares last traded at $3.71, with a volume of 929,108 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Piper Sandler lowered their target price on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a research note on Monday, August 19th.

ImmunityBio Price Performance

The stock’s 50 day simple moving average is $3.69 and its two-hundred day simple moving average is $5.38. The company has a market capitalization of $2.38 billion, a P/E ratio of -3.20 and a beta of 1.02.

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

Institutional Investors Weigh In On ImmunityBio

Several institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC increased its holdings 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 acquiring an additional 6,593 shares during the last quarter. Blair William & Co. IL increased its stake in shares of ImmunityBio by 106.3% during the first quarter. Blair William & Co. IL now owns 313,542 shares of the company’s stock worth $1,684,000 after purchasing an additional 161,530 shares during the period. Axxcess Wealth Management LLC bought a new position in ImmunityBio during the first quarter worth about $85,000. Vanguard Group Inc. grew its stake in ImmunityBio by 1.6% during the first quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock worth $72,708,000 after buying an additional 211,065 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in ImmunityBio by 37.9% during the second quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock worth $3,928,000 after acquiring an additional 170,742 shares in the last quarter. 8.58% of the stock is owned by 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.