ImmunityBio, Inc. (NASDAQ:IBRX) Receives Consensus Rating of “Moderate Buy” from Brokerages

ImmunityBio, Inc. (NASDAQ:IBRX) has been assigned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $14.20.

Several brokerages have recently weighed in on IBRX. Piper Sandler restated an “overweight” rating and set a $12.00 target price (up from $7.00) on shares of ImmunityBio in a research note on Wednesday, March 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ImmunityBio in a research note on Tuesday, April 14th. BTIG Research reiterated a “buy” rating and issued a $12.00 price target on shares of ImmunityBio in a research note on Thursday, May 21st. HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of ImmunityBio in a research note on Tuesday, June 2nd. Finally, D. Boral Capital reiterated a “buy” rating and issued a $23.00 price target on shares of ImmunityBio in a research note on Tuesday, May 5th.

Insider Buying and Selling

In related news, Director Barry J. Simon sold 25,000 shares of ImmunityBio stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $7.88, for a total value of $197,000.00. Following the completion of the transaction, the director directly owned 2,802,788 shares in the company, valued at approximately $22,085,969.44. This trade represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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

A number of hedge funds have recently bought and sold shares of the company. Vestor Capital LLC acquired a new position in ImmunityBio in the first quarter worth about $88,000. Arete Wealth Advisors LLC acquired a new position in ImmunityBio in the first quarter worth about $4,500,000. Norris Financial Group LLC bought a new position in ImmunityBio in the first quarter worth about $108,000. Western Wealth Management LLC bought a new position in ImmunityBio in the first quarter worth about $44,000. Finally, Bank of America Corp DE lifted its holdings in ImmunityBio by 2.7% in the first quarter. Bank of America Corp DE now owns 2,447,843 shares of the company’s stock worth $18,775,000 after acquiring an additional 65,340 shares during the last quarter. 8.58% of the stock is currently owned by institutional investors and hedge funds.

ImmunityBio Price Performance

Shares of ImmunityBio stock opened at $8.77 on Tuesday. The business has a 50-day moving average of $7.61 and a 200-day moving average of $6.57. The company has a market capitalization of $9.19 billion, a PE ratio of -10.32 and a beta of 0.03. ImmunityBio has a 1-year low of $1.95 and a 1-year high of $12.43.

ImmunityBio (NASDAQ:IBRX) last announced its earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.54). The firm had revenue of $44.21 million during the quarter, compared to the consensus estimate of $43.07 million. On average, equities analysts expect that ImmunityBio will post -0.31 earnings per share for the current fiscal year.

About ImmunityBio

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.