ImmunityBio (NASDAQ:IBRX) Shares Up 10.6% – Time to Buy?

ImmunityBio, Inc. (NASDAQ:IBRX) shares traded up 10.6% during trading on Thursday . The stock traded as high as $3.09 and last traded at $3.08. 1,766,620 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 5,473,316 shares. The stock had previously closed at $2.78.

Wall Street Analysts Forecast Growth

IBRX has been the subject of a number of analyst reports. D. Boral Capital reiterated a “buy” rating and set a $30.00 price target on shares of ImmunityBio in a research report on Thursday, March 13th. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of ImmunityBio in a research report on Thursday, March 13th. Finally, BTIG Research began coverage on shares of ImmunityBio in a research note on Friday, January 10th. They set a “buy” rating and a $6.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ImmunityBio currently has an average rating of “Buy” and an average price target of $12.19.

ImmunityBio Trading Down 6.5 %

The company’s 50-day moving average price is $3.13 and its two-hundred day moving average price is $3.60. The company has a market cap of $2.68 billion, a P/E ratio of -3.41 and a beta of 0.82.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.11. The business had revenue of $7.55 million during the quarter, compared to analyst estimates of $8.74 million. Equities analysts forecast that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On ImmunityBio

Institutional investors and hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC purchased a new position in ImmunityBio in the 3rd quarter worth about $253,000. Charles Schwab Investment Management Inc. boosted its stake in ImmunityBio by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,265,981 shares of the company’s stock worth $4,709,000 after purchasing an additional 29,665 shares during the period. Quantbot Technologies LP purchased a new position in ImmunityBio during the 3rd quarter worth approximately $143,000. Captrust Financial Advisors purchased a new stake in shares of ImmunityBio in the third quarter valued at $41,000. Finally, Verition Fund Management LLC boosted its position in shares of ImmunityBio by 131.8% in the third quarter. Verition Fund Management LLC now owns 94,270 shares of the company’s stock worth $351,000 after buying an additional 53,607 shares during the period. 8.58% of the stock is owned by institutional investors and hedge funds.

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.