ImmunityBio, Inc. (NASDAQ:IBRX) Receives $14.20 Consensus Target Price from Brokerages

ImmunityBio, Inc. (NASDAQ:IBRX) has been given an average recommendation of “Moderate Buy” by the seven analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $14.20.

Several research firms have commented on IBRX. The Goldman Sachs Group reissued a “buy” rating on shares of ImmunityBio in a research report on Monday, February 23rd. HC Wainwright reissued a “buy” rating and set a $15.00 target price on shares of ImmunityBio in a research report on Tuesday, June 2nd. BTIG Research reissued a “buy” rating and set a $12.00 target price on shares of ImmunityBio in a research report on Thursday, May 21st. Piper Sandler reissued an “overweight” rating and set a $12.00 target price (up from $7.00) on shares of ImmunityBio in a research report on Wednesday, March 4th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ImmunityBio in a research report on Tuesday, April 14th.

Insider Activity at ImmunityBio

In other ImmunityBio news, Director Barry J. Simon sold 23,033 shares of ImmunityBio stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $7.18, for a total transaction of $165,376.94. Following the transaction, the director owned 2,827,788 shares of the company’s stock, valued at $20,303,517.84. This trade represents a 0.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 69.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ImmunityBio

Institutional investors have recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ increased its position in ImmunityBio by 347.7% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 1,324,871 shares of the company’s stock worth $3,246,000 after buying an additional 1,028,921 shares during the last quarter. Heights Capital Management Inc. purchased a new stake in ImmunityBio in the third quarter worth $16,152,000. Vanguard Group Inc. increased its position in ImmunityBio by 26.8% in the third quarter. Vanguard Group Inc. now owns 27,655,205 shares of the company’s stock worth $68,032,000 after buying an additional 5,837,898 shares during the last quarter. Rafferty Asset Management LLC increased its position in ImmunityBio by 79.2% in the third quarter. Rafferty Asset Management LLC now owns 452,458 shares of the company’s stock worth $1,113,000 after buying an additional 199,990 shares during the last quarter. Finally, MOR Wealth Management LLC purchased a new stake in ImmunityBio in the fourth quarter worth $494,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

ImmunityBio Stock Performance

Shares of NASDAQ IBRX opened at $7.20 on Friday. ImmunityBio has a fifty-two week low of $1.95 and a fifty-two week high of $12.43. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of -8.47 and a beta of 0.03. The firm’s 50-day simple moving average is $7.55 and its 200 day simple moving average is $6.12.

ImmunityBio (NASDAQ:IBRX) last posted its earnings results on Thursday, May 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.54). The business had revenue of $44.21 million for the quarter, compared to analysts’ expectations of $43.07 million. On average, sell-side analysts predict that ImmunityBio will post -0.31 EPS for the current year.

About ImmunityBio

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.