ImmunityBio (NASDAQ:IBRX) Trading 10.5% Higher – Time to Buy?

ImmunityBio, Inc. (NASDAQ:IBRX) traded up 10.5% during mid-day trading on Monday . The stock traded as high as $2.58 and last traded at $2.5750. 13,103,233 shares were traded during mid-day trading, an increase of 30% from the average session volume of 10,097,557 shares. The stock had previously closed at $2.33.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IBRX shares. Weiss Ratings restated a “sell (e+)” rating on shares of ImmunityBio in a research report on Monday, December 29th. Jefferies Financial Group boosted their price objective on shares of ImmunityBio from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $24.00 target price on shares of ImmunityBio in a research report on Thursday, December 11th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

ImmunityBio Stock Up 11.2%

The firm has a 50-day simple moving average of $2.15 and a 200 day simple moving average of $2.41. The company has a market cap of $2.55 billion, a price-to-earnings ratio of -6.32 and a beta of 0.03.

ImmunityBio (NASDAQ:IBRX) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The firm had revenue of $32.06 million during the quarter, compared to analyst estimates of $31.88 million. As a group, research analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Institutional Investors Weigh In On ImmunityBio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Financial Enhancement Group LLC bought a new position in shares of ImmunityBio in the second quarter valued at $28,000. Slow Capital Inc. bought a new stake in ImmunityBio during the 3rd quarter valued at approximately $25,000. Envision Financial Planning LLC bought a new stake in shares of ImmunityBio in the 2nd quarter worth approximately $28,000. Summit X LLC bought a new position in ImmunityBio during the second quarter worth about $28,000. Finally, Diversify Advisory Services LLC acquired a new stake in shares of ImmunityBio during the second quarter worth approximately $27,000. 8.58% of the stock is currently owned by institutional investors.

ImmunityBio Company Profile

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.