ImmunityBio (NASDAQ:IBRX) Shares Up 2.9%

ImmunityBio, Inc. (NASDAQ:IBRX) shares shot up 2.9% on Tuesday . The stock traded as high as $6.46 and last traded at $6.42. 551,475 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 5,650,446 shares. The stock had previously closed at $6.24.

Analysts Set New Price Targets

Separately, Piper Sandler boosted their target price on ImmunityBio from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Monday, April 29th.

ImmunityBio Price Performance

The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of -6.08 and a beta of 1.03. The business has a fifty day moving average price of $6.66 and a 200 day moving average price of $5.22.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The firm had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.03 million. As a group, sell-side analysts predict that ImmunityBio, Inc. will post -0.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of ImmunityBio by 42.0% in the third quarter. Vanguard Group Inc. now owns 14,675,687 shares of the company’s stock valued at $24,802,000 after purchasing an additional 4,342,386 shares in the last quarter. Armistice Capital LLC acquired a new position in shares of ImmunityBio in the third quarter valued at $5,874,000. Charles Schwab Investment Management Inc. raised its stake in shares of ImmunityBio by 8.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,142,925 shares of the company’s stock valued at $5,737,000 after purchasing an additional 92,991 shares in the last quarter. Sheets Smith Wealth Management raised its stake in shares of ImmunityBio by 380.8% in the first quarter. Sheets Smith Wealth Management now owns 945,720 shares of the company’s stock valued at $5,079,000 after purchasing an additional 749,041 shares in the last quarter. Finally, Rafferty Asset Management LLC acquired a new position in shares of ImmunityBio in the fourth quarter valued at $3,714,000. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.