ImmunityBio (NASDAQ:IBRX) Stock Price Up 7.8% – Time to Buy?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) were up 7.8% on Monday . The company traded as high as $2.92 and last traded at $2.84. Approximately 1,766,412 shares changed hands during trading, a decline of 69% from the average daily volume of 5,725,808 shares. The stock had previously closed at $2.63.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on IBRX shares. BTIG Research initiated coverage on shares of ImmunityBio in a research report on Friday, January 10th. They issued a “buy” rating and a $6.00 price objective for the company. D. Boral Capital reaffirmed a “buy” rating and issued a $30.00 price target on shares of ImmunityBio in a report on Tuesday. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 price objective on shares of ImmunityBio in a report on Thursday, March 13th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $12.19.

ImmunityBio Stock Down 3.8 %

The stock has a 50-day moving average of $3.00 and a 200 day moving average of $3.52. The stock has a market cap of $2.37 billion, a PE ratio of -3.02 and a beta of 0.51.

ImmunityBio (NASDAQ:IBRX) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.11. The business had revenue of $7.55 million during the quarter, compared to analysts’ expectations of $8.74 million. On average, equities analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Hedge Funds Weigh In On ImmunityBio

Institutional investors have recently modified their holdings of the stock. Swiss National Bank grew its holdings in ImmunityBio by 1.5% during the fourth quarter. Swiss National Bank now owns 274,000 shares of the company’s stock worth $701,000 after acquiring an additional 4,000 shares during the period. ProShare Advisors LLC boosted its position in ImmunityBio by 7.7% in the 4th quarter. ProShare Advisors LLC now owns 73,773 shares of the company’s stock worth $189,000 after purchasing an additional 5,261 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of ImmunityBio by 20.4% during the 4th quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company’s stock worth $107,000 after purchasing an additional 7,067 shares during the period. Mercer Global Advisors Inc. ADV increased its holdings in shares of ImmunityBio by 29.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 37,006 shares of the company’s stock valued at $95,000 after purchasing an additional 8,359 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its stake in shares of ImmunityBio by 40.7% in the 4th quarter. Commonwealth Equity Services LLC now owns 28,955 shares of the company’s stock valued at $74,000 after purchasing an additional 8,380 shares during the period. 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.