Tang Capital Management LLC Makes New $7.20 Million Investment in ImmunityBio, Inc. (NASDAQ:IBRX)

Tang Capital Management LLC bought a new position in ImmunityBio, Inc. (NASDAQ:IBRX) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,814,192 shares of the company’s stock, valued at approximately $7,204,000. Tang Capital Management LLC owned about 0.40% of ImmunityBio as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of IBRX. Vanguard Group Inc. grew its stake in shares of ImmunityBio by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company’s stock worth $44,360,000 after acquiring an additional 425,713 shares during the period. Northern Trust Corp grew its stake in shares of ImmunityBio by 7.9% in the fourth quarter. Northern Trust Corp now owns 1,323,424 shares of the company’s stock worth $3,388,000 after acquiring an additional 97,348 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of ImmunityBio by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,276,673 shares of the company’s stock worth $3,268,000 after acquiring an additional 10,692 shares during the period. Altium Capital Management LLC bought a new stake in shares of ImmunityBio in the fourth quarter worth approximately $2,714,000. Finally, Clearwater Capital Advisors LLC grew its stake in shares of ImmunityBio by 75.4% in the fourth quarter. Clearwater Capital Advisors LLC now owns 846,419 shares of the company’s stock worth $2,167,000 after acquiring an additional 363,870 shares during the period. 8.58% of the stock is owned by hedge funds and other institutional investors.

ImmunityBio Trading Up 6.4%

Shares of NASDAQ IBRX opened at $2.84 on Friday. The firm has a 50 day moving average of $2.64 and a 200 day moving average of $3.28. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -3.09 and a beta of 0.33. ImmunityBio, Inc. has a 12-month low of $1.83 and a 12-month high of $7.64.

ImmunityBio (NASDAQ:IBRX) last announced its earnings results on Monday, May 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The company had revenue of $16.52 million for the quarter, compared to the consensus estimate of $17.50 million. Sell-side analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. D. Boral Capital reiterated a “buy” rating and issued a $30.00 price target on shares of ImmunityBio in a research note on Monday, May 12th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of ImmunityBio in a research note on Monday, May 12th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $12.19.

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.