ImmunityBio (NASDAQ:IBRX) Trading 7.3% Higher – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price shot up 7.3% on Friday . The company traded as high as $6.08 and last traded at $6.05. 18,019,767 shares changed hands during trading, a decline of 61% from the average session volume of 45,791,844 shares. The stock had previously closed at $5.64.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IBRX. D. Boral Capital reaffirmed a “buy” rating and issued a $24.00 price target on shares of ImmunityBio in a research note on Tuesday, January 20th. BTIG Research raised their target price on shares of ImmunityBio from $6.00 to $9.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Jefferies Financial Group boosted their target price on shares of ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Piper Sandler increased their price target on shares of ImmunityBio from $5.00 to $7.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. Finally, HC Wainwright lifted their price objective on shares of ImmunityBio from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.80.

ImmunityBio Trading Up 7.3%

The company has a market capitalization of $5.96 billion, a price-to-earnings ratio of -14.76 and a beta of 0.16. The business’s 50 day moving average price is $3.52 and its two-hundred day moving average price is $2.81.

Insiders Place Their Bets

In related news, Director Christobel Selecky sold 25,000 shares of the business’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $7.51, for a total transaction of $187,750.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Barry J. Simon sold 151,967 shares of the company’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total value of $1,094,162.40. Following the completion of the transaction, the director directly owned 3,091,604 shares of the company’s stock, valued at approximately $22,259,548.80. The trade was a 4.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 226,967 shares of company stock worth $1,531,912. Insiders own 69.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in ImmunityBio by 193.4% in the 1st quarter. AQR Capital Management LLC now owns 44,448 shares of the company’s stock valued at $134,000 after buying an additional 29,297 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in ImmunityBio in the 2nd quarter valued at approximately $43,000. Mirae Asset Global Investments Co. Ltd. increased its position in ImmunityBio by 39.6% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,095 shares of the company’s stock valued at $90,000 after acquiring an additional 9,663 shares during the period. Blair William & Co. IL raised its stake in shares of ImmunityBio by 2.7% during the second quarter. Blair William & Co. IL now owns 239,814 shares of the company’s stock valued at $633,000 after acquiring an additional 6,314 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of ImmunityBio by 849.2% during the second quarter. CWM LLC now owns 48,715 shares of the company’s stock worth $129,000 after purchasing an additional 43,583 shares during the period. Institutional investors and hedge funds own 8.58% of the company’s stock.

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.