ImmunityBio (NASDAQ:IBRX) Shares Gap Up – Here’s What Happened

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) 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 changing hands.

Analyst Upgrades and Downgrades

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

ImmunityBio Price Performance

The company has a market capitalization of $2.63 billion, a P/E ratio of -3.26 and a beta of 0.33. The business has a 50-day moving average of $2.64 and a 200-day moving average of $3.25.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of IBRX. Stephens Inc. AR bought a new stake in shares of ImmunityBio during the 4th quarter worth approximately $26,000. Thrive Wealth Management LLC purchased a new stake in shares of ImmunityBio during the first quarter valued at $30,000. Slow Capital Inc. bought a new position in shares of ImmunityBio in the first quarter worth about $30,000. Compound Planning Inc. purchased a new position in ImmunityBio in the 1st quarter worth about $30,000. Finally, Xponance Inc. bought a new stake in ImmunityBio during the 1st quarter valued at about $33,000. Hedge funds and other 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.