ImmunityBio (NASDAQ:IBRX) Shares Up 7.8% – What’s Next?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) traded up 7.8% during trading on Thursday . The company traded as high as $3.80 and last traded at $3.73. 1,275,294 shares traded hands during trading, a decline of 71% from the average session volume of 4,403,517 shares. The stock had previously closed at $3.46.

Analysts Set New Price Targets

IBRX has been the subject of a number of research analyst reports. EF Hutton Acquisition Co. I raised shares of ImmunityBio to a “strong-buy” rating in a report on Wednesday. Piper Sandler reduced their price objective on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a report on Monday, August 19th.

ImmunityBio Price Performance

The business’s 50-day simple moving average is $3.72 and its 200-day simple moving average is $5.35. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -5.48 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last posted its earnings results on Monday, August 12th. The company reported ($0.20) earnings per share (EPS) 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 analysts’ expectations of $2.53 million. As a group, sell-side analysts forecast that ImmunityBio, Inc. will post -0.86 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Brookstone Capital Management purchased a new stake in shares of ImmunityBio during the first quarter worth about $100,000. Courier Capital LLC grew its stake in ImmunityBio by 33.3% in the 1st quarter. Courier Capital LLC now owns 20,000 shares of the company’s stock worth $107,000 after acquiring an additional 5,000 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in ImmunityBio by 41.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 59,411 shares of the company’s stock valued at $319,000 after acquiring an additional 17,549 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of ImmunityBio by 9.3% during the 1st quarter. ProShare Advisors LLC now owns 70,613 shares of the company’s stock worth $379,000 after purchasing an additional 6,004 shares during the period. Finally, Bleakley Financial Group LLC acquired a new stake in shares of ImmunityBio during the first quarter worth $58,000. 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.