ImmunityBio (NASDAQ:IBRX) Shares Gap Up – Still a Buy?

ImmunityBio, Inc. (NASDAQ:IBRX) shares gapped up prior to trading on Monday . The stock had previously closed at $3.15, but opened at $3.29. ImmunityBio shares last traded at $3.26, with a volume of 2,620,297 shares.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler raised ImmunityBio from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $4.25 to $5.00 in a research note on Tuesday, May 20th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of ImmunityBio in a research note on Wednesday, June 4th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $30.00 target price on shares of ImmunityBio in a research note on Tuesday, June 3rd. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $12.25.

ImmunityBio Trading Up 11.0%

The business has a fifty day moving average of $2.59 and a 200 day moving average of $3.01. The company has a market capitalization of $3.08 billion, a PE ratio of -3.81 and a beta of 0.14.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The firm had revenue of $16.52 million during the quarter, compared to analyst estimates of $17.50 million. Equities analysts forecast that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN raised its position in shares of ImmunityBio by 30.4% during the 4th quarter. Wells Fargo & Company MN now owns 138,605 shares of the company’s stock worth $355,000 after acquiring an additional 32,334 shares in the last quarter. Altium Capital Management LLC acquired a new stake in shares of ImmunityBio during the 4th quarter worth about $2,714,000. Vanguard Group Inc. raised its position in shares of ImmunityBio by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company’s stock worth $44,360,000 after acquiring an additional 425,713 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of ImmunityBio by 71.2% during the 4th quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company’s stock worth $236,000 after acquiring an additional 38,400 shares in the last quarter. Finally, Barclays PLC raised its position in shares of ImmunityBio by 9.8% during the 4th quarter. Barclays PLC now owns 396,484 shares of the company’s stock worth $1,015,000 after acquiring an additional 35,448 shares in the last quarter. Institutional investors and hedge funds own 8.58% of the company’s stock.

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.