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

ImmunityBio, Inc. (NASDAQ:IBRX) saw an uptick in trading volume on Wednesday . 9,373,812 shares changed hands during mid-day trading, an increase of 57% from the previous session’s volume of 5,972,432 shares.The stock last traded at $3.90 and had previously closed at $3.35.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IBRX. EF Hutton Acquisition Co. I raised shares of ImmunityBio to a “strong-buy” rating in a research note on Wednesday, October 23rd. D. Boral Capital reissued a “buy” rating and issued a $30.00 target price on shares of ImmunityBio in a research note on Friday, February 14th. Finally, BTIG Research began coverage on shares of ImmunityBio in a research note on Friday, January 10th. They issued a “buy” rating and a $6.00 target price on the stock.

ImmunityBio Trading Up 17.8 %

The company has a market cap of $2.75 billion, a PE ratio of -4.27 and a beta of 0.94. The company’s 50 day moving average is $2.95 and its 200 day moving average is $3.79.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IBRX. SG Americas Securities LLC purchased a new position in ImmunityBio during the 3rd quarter valued at about $222,000. Exchange Traded Concepts LLC boosted its holdings in shares of ImmunityBio by 8.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 47,984 shares of the company’s stock valued at $178,000 after buying an additional 3,722 shares in the last quarter. Courier Capital LLC boosted its holdings in shares of ImmunityBio by 50.0% in the 3rd quarter. Courier Capital LLC now owns 30,000 shares of the company’s stock valued at $112,000 after buying an additional 10,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of ImmunityBio by 22.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company’s stock valued at $99,000 after buying an additional 4,545 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of ImmunityBio by 64.9% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 133,966 shares of the company’s stock valued at $498,000 after buying an additional 52,716 shares in the last quarter. Hedge funds and other institutional investors 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.