ImmunityBio (NASDAQ:IBRX) Sees Unusually-High Trading Volume – Time to Buy?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) saw strong trading volume on Friday . 6,811,982 shares traded hands during mid-day trading, an increase of 52% from the previous session’s volume of 4,470,012 shares.The stock last traded at $5.68 and had previously closed at $4.21.

Analyst Upgrades and Downgrades

Several research analysts have commented on IBRX shares. 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. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a research note on Wednesday.

ImmunityBio Trading Up 32.8 %

The company’s 50-day simple moving average is $3.69 and its 200-day simple moving average is $5.35. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of -5.42 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates 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. On average, equities research analysts expect that ImmunityBio, Inc. will post -0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ImmunityBio

A number of hedge funds and other institutional investors have recently made changes to their positions in IBRX. Bleakley Financial Group LLC bought a new position in ImmunityBio during the 1st quarter worth approximately $58,000. Lazard Asset Management LLC raised its stake in ImmunityBio by 102.6% during the first 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 last quarter. Axxcess Wealth Management LLC bought a new position in ImmunityBio during the first quarter worth $85,000. Algert Global LLC bought a new stake in ImmunityBio during the second quarter valued at $86,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position 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 valued at $99,000 after acquiring an additional 4,545 shares during the last quarter. 8.58% of the stock is owned by institutional investors and hedge funds.

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.