ImmunityBio (NASDAQ:IBRX) Sees Strong Trading Volume – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX) saw unusually-high trading volume on Tuesday . Approximately 18,590,256 shares changed hands during trading, an increase of 61% from the previous session’s volume of 11,574,120 shares.The stock last traded at $2.8850 and had previously closed at $2.59.

Wall Street Analysts Forecast Growth

IBRX has been the subject of a number of research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. Jefferies Financial Group boosted their price objective on ImmunityBio from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, D. Boral Capital restated a “buy” rating and issued a $24.00 target price on shares of ImmunityBio in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, ImmunityBio currently has an average rating of “Moderate Buy” and a consensus price target of $11.50.

ImmunityBio Stock Up 8.9%

The stock has a 50-day moving average of $2.15 and a 200 day moving average of $2.41. The stock has a market cap of $2.78 billion, a PE ratio of -6.88 and a beta of 0.03.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.03. The company had revenue of $32.06 million for the quarter, compared to analysts’ expectations of $31.88 million. Research analysts forecast that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Trading of ImmunityBio

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Management Partners LLC lifted its position in ImmunityBio by 142.9% in the fourth quarter. Wealth Management Partners LLC now owns 25,500 shares of the company’s stock valued at $50,000 after buying an additional 15,000 shares during the last quarter. SG Americas Securities LLC increased its position in shares of ImmunityBio by 62.0% during the fourth quarter. SG Americas Securities LLC now owns 49,097 shares of the company’s stock valued at $97,000 after acquiring an additional 18,791 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in shares of ImmunityBio in the 3rd quarter valued at approximately $27,000. CIBC Bancorp USA Inc. acquired a new position in shares of ImmunityBio in the 3rd quarter worth approximately $60,000. Finally, Alpine Global Management LLC acquired a new position in shares of ImmunityBio in the 3rd quarter worth approximately $56,000. 8.58% of the stock is currently owned by hedge funds and other institutional investors.

ImmunityBio Company Profile

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.