HC Wainwright Issues Positive Forecast for ImmunityBio (NASDAQ:IBRX) Stock Price

ImmunityBio (NASDAQ:IBRX) had its target price upped by investment analysts at HC Wainwright from $8.00 to $10.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 55.04% from the company’s current price.

A number of other analysts have also weighed in on the company. D. Boral Capital reissued a “buy” rating and set a $24.00 price objective on shares of ImmunityBio in a research note on Tuesday, January 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of ImmunityBio in a report on Monday, December 29th. Piper Sandler increased their target price on shares of ImmunityBio from $5.00 to $7.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Jefferies Financial Group upped their price target on ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Finally, BTIG Research lifted their price objective on ImmunityBio from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Thursday. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.80.

ImmunityBio Price Performance

Shares of NASDAQ:IBRX opened at $6.45 on Monday. The business’s 50 day simple moving average is $2.74 and its 200 day simple moving average is $2.58. The company has a market capitalization of $6.35 billion, a P/E ratio of -15.73 and a beta of 0.03. ImmunityBio has a 1 year low of $1.83 and a 1 year high of $8.28.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.03. The company had revenue of $32.06 million during the quarter, compared to the consensus estimate of $31.88 million. On average, sell-side analysts anticipate that ImmunityBio will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Christobel Selecky sold 25,000 shares of ImmunityBio stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $7.51, for a total value of $187,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barry J. Simon sold 151,967 shares of ImmunityBio stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $7.20, for a total transaction of $1,094,162.40. Following the completion of the transaction, the director directly owned 3,091,604 shares in the company, valued at approximately $22,259,548.80. This represents a 4.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 226,967 shares of company stock worth $1,531,912 over the last ninety days. 69.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in ImmunityBio by 193.4% in the first quarter. AQR Capital Management LLC now owns 44,448 shares of the company’s stock valued at $134,000 after acquiring an additional 29,297 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in ImmunityBio during the second quarter worth about $43,000. Wolff Wiese Magana LLC grew its holdings in ImmunityBio by 5,900.0% during the second quarter. Wolff Wiese Magana LLC now owns 30,000 shares of the company’s stock worth $79,000 after purchasing an additional 29,500 shares during the period. Vigilare Wealth Management acquired a new position in ImmunityBio during the second quarter worth approximately $31,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in ImmunityBio by 39.6% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,095 shares of the company’s stock valued at $90,000 after buying an additional 9,663 shares during the period. Institutional investors and hedge funds own 8.58% of the company’s stock.

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.