ImmunityBio (NASDAQ:IBRX) Trading 7.8% Higher – Still a Buy?

ImmunityBio, Inc. (NASDAQ:IBRX) rose 7.8% during mid-day trading on Wednesday . The stock traded as high as $6.08 and last traded at $6.05. Approximately 6,335,989 shares changed hands during mid-day trading, an increase of 29% from the average daily volume of 4,918,960 shares. The stock had previously closed at $5.61.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on IBRX shares. Piper Sandler reduced their price target 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. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd.

ImmunityBio Stock Up 3.6 %

The company has a fifty day moving average of $3.79 and a 200 day moving average of $5.34. The company has a market cap of $4.05 billion, a P/E ratio of -6.18 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last announced its 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 for the quarter, compared to the consensus estimate of $2.53 million. As a group, research analysts forecast that ImmunityBio, Inc. will post -0.86 EPS for the current year.

Hedge Funds Weigh In On ImmunityBio

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bleakley Financial Group LLC purchased a new position in shares of ImmunityBio during the 1st quarter valued at about $58,000. Lazard Asset Management LLC increased its stake in shares of ImmunityBio by 102.6% in the first quarter. Lazard Asset Management LLC now owns 13,019 shares of the company’s stock worth $68,000 after purchasing an additional 6,593 shares in the last quarter. Axxcess Wealth Management LLC bought a new stake in shares of ImmunityBio during the 1st quarter valued at $85,000. Algert Global LLC purchased a new position in shares of ImmunityBio during the 2nd quarter valued at $86,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in ImmunityBio by 22.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company’s stock worth $99,000 after buying an additional 4,545 shares during the period. 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.