ImmunityBio, Inc. (NASDAQ:IBRX) Stock Has Average Target Price of $14.20

ImmunityBio, Inc. (NASDAQ:IBRX) has earned an average rating of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $14.20.

IBRX has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of ImmunityBio in a research note on Tuesday, October 6th. Jefferies Financial Group upgraded shares of ImmunityBio to a “strong-buy” rating in a research report on Friday, September 25th.

Insider Activity at ImmunityBio

In other news, Director Cheryl Cohen sold 81,056 shares of the company’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $10.50, for a total transaction of $851,088.00. Following the sale, the director directly owned 100,309 shares in the company, valued at approximately $1,053,244.50. This represents a 44.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Barry J. Simon sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $10.75, for a total value of $268,750.00. Following the sale, the director owned 2,777,788 shares in the company, valued at approximately $29,861,221. This trade represents a 0.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 66.10% of the company’s stock.

Hedge Funds Weigh In On ImmunityBio

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of ImmunityBio by 262.2% during the third quarter. GAMMA Investing LLC now owns 3,807 shares of the company’s stock valued at $36,000 after buying an additional 2,756 shares during the period. Collective Family Office LLC increased its stake in shares of ImmunityBio by 2.6% during the third quarter. Collective Family Office LLC now owns 161,254 shares of the company’s stock valued at $1,522,000 after buying an additional 4,054 shares during the period. Doliver Advisors LP increased its position in ImmunityBio by 110.0% during the 3rd quarter. Doliver Advisors LP now owns 210,000 shares of the company’s stock valued at $1,982,000 after purchasing an additional 110,000 shares during the period. Envestnet Asset Management Inc. lifted its holdings in ImmunityBio by 52.4% during the second quarter. Envestnet Asset Management Inc. now owns 27,659 shares of the company’s stock worth $242,000 after buying an additional 9,513 shares during the period. Finally, State Street Corp boosted its position in ImmunityBio by 20.8% during the second quarter. State Street Corp now owns 21,398,438 shares of the company’s stock valued at $187,343,000 after purchasing an additional 3,690,335 shares in the last quarter. 8.58% of the stock is owned by hedge funds and other institutional investors.

ImmunityBio Stock Down 3.7%

IBRX stock opened at $10.12 on Thursday. The business’s 50-day moving average price is $8.37 and its 200-day moving average price is $7.91. The stock has a market cap of $10.73 billion, a P/E ratio of -10.43 and a beta of 0.02. ImmunityBio has a twelve month low of $1.95 and a twelve month high of $12.43.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.14). The business had revenue of $51.24 million for the quarter, compared to analyst estimates of $49.70 million. On average, equities research analysts expect that ImmunityBio will post -0.44 earnings per share for the current fiscal year.

About ImmunityBio

ImmunityBio, Inc is a biotechnology company focused on developing and commercializing immunotherapies designed to activate and strengthen the body’s immune system against cancer and infectious diseases. The company combines cytokine-based therapies, vaccines, cellular therapies and other immune-modulating technologies in an effort to create durable treatment responses.

Its lead product, ANKTIVA (nogapendekin alfa inbakicept-pmln), is an interleukin-15 receptor agonist immune stimulator.