ImmunityBio (NASDAQ:IBRX) Hits New 1-Year High Following Analyst Upgrade

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price reached a new 52-week high during trading on Monday after Piper Sandler raised their price target on the stock from $5.00 to $6.00. Piper Sandler currently has a neutral rating on the stock. ImmunityBio traded as high as $8.05 and last traded at $8.05, with a volume of 2369837 shares. The stock had previously closed at $7.35.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. lifted its holdings in shares of ImmunityBio by 66.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 128,321 shares of the company’s stock valued at $689,000 after purchasing an additional 51,086 shares in the last quarter. Simplicity Wealth LLC bought a new position in shares of ImmunityBio during the first quarter valued at $58,000. Wealth Effects LLC lifted its holdings in shares of ImmunityBio by 10.1% during the first quarter. Wealth Effects LLC now owns 65,500 shares of the company’s stock valued at $352,000 after purchasing an additional 6,000 shares in the last quarter. Courier Capital LLC lifted its holdings in shares of ImmunityBio by 33.3% during the first quarter. Courier Capital LLC now owns 20,000 shares of the company’s stock valued at $107,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Brookstone Capital Management bought a new position in shares of ImmunityBio during the first quarter valued at $100,000. 8.58% of the stock is owned by institutional investors.

ImmunityBio Stock Down 11.1 %

The stock has a market capitalization of $5.41 billion, a P/E ratio of -6.89 and a beta of 1.23. The business has a fifty day moving average price of $5.34 and a 200-day moving average price of $4.28.

ImmunityBio (NASDAQ:IBRX) last posted its earnings results on Tuesday, March 19th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.01). The business had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.03 million. On average, equities analysts expect that ImmunityBio, Inc. will post -0.68 earnings per share for the current fiscal year.

ImmunityBio Company Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in discovering, developing, and commercializing next-generation immuno- and cellular therapies for cancer and infectious diseases in the United States and Europe. The company offers immunotherapy and cell therapy platforms, including antibody cytokine fusion protein N-803, vaccine delivery technologies, and natural killer cell therapies.