ImmunityBio (NASDAQ:IBRX) Shares Gap Up – Should You Buy?

ImmunityBio, Inc. (NASDAQ:IBRX) shares gapped up prior to trading on Tuesday . The stock had previously closed at $2.80, but opened at $2.89. ImmunityBio shares last traded at $2.97, with a volume of 1,976,354 shares traded.

Analyst Ratings Changes

A number of equities research analysts have issued reports on IBRX shares. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of ImmunityBio in a report on Monday, May 12th. Piper Sandler upgraded ImmunityBio from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $4.25 to $5.00 in a report on Tuesday. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $30.00 target price on shares of ImmunityBio in a research report on Monday, May 12th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $12.25.

ImmunityBio Trading Down 8.6%

The company has a fifty day moving average price of $2.64 and a two-hundred day moving average price of $3.25. The company has a market cap of $2.34 billion, a price-to-earnings ratio of -2.88 and a beta of 0.33.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of ImmunityBio by 17.4% in the 1st quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company’s stock worth $61,237,000 after buying an additional 3,016,325 shares in the last quarter. Woodline Partners LP raised its stake in ImmunityBio by 682.7% during the fourth quarter. Woodline Partners LP now owns 3,442,440 shares of the company’s stock worth $8,813,000 after acquiring an additional 3,002,622 shares in the last quarter. Tang Capital Management LLC bought a new position in shares of ImmunityBio during the fourth quarter valued at $7,204,000. Citigroup Inc. boosted its stake in shares of ImmunityBio by 605.9% in the 1st quarter. Citigroup Inc. now owns 2,714,662 shares of the company’s stock valued at $8,171,000 after purchasing an additional 2,330,086 shares in the last quarter. Finally, Altium Capital Management LLC bought a new stake in shares of ImmunityBio in the 4th quarter worth about $2,714,000. 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.