ImmunityBio (NASDAQ:IBRX) Earns Buy Rating from BTIG Research

ImmunityBio (NASDAQ:IBRX)‘s stock had its “buy” rating reissued by BTIG Research in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $13.00 target price on the stock. BTIG Research’s price target suggests a potential upside of 57.19% from the company’s current price.

A number of other equities analysts have also weighed in on IBRX. Weiss Ratings reissued a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. Jefferies Financial Group lifted their price target on ImmunityBio from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 12th. HC Wainwright boosted their price target on shares of ImmunityBio from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. Piper Sandler reissued an “overweight” rating and issued a $12.00 price objective (up from $7.00) on shares of ImmunityBio in a report on Wednesday, March 4th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of ImmunityBio in a research note on Monday, February 23rd. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.40.

ImmunityBio Trading Up 3.2%

IBRX opened at $8.27 on Thursday. The firm has a market capitalization of $8.50 billion, a PE ratio of -21.76 and a beta of -0.03. ImmunityBio has a twelve month low of $1.83 and a twelve month high of $12.43. The firm’s 50-day moving average price is $6.37 and its 200 day moving average price is $3.75.

ImmunityBio (NASDAQ:IBRX) last released its quarterly earnings data on Monday, March 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $38.29 million during the quarter. As a group, analysts predict that ImmunityBio will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other ImmunityBio news, Director Christobel Selecky sold 25,000 shares of ImmunityBio stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $10.00, for a total transaction of $250,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Barry J. Simon sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $12.01, for a total transaction of $900,750.00. Following the completion of the sale, the director directly owned 2,850,821 shares in the company, valued at $34,238,360.21. This trade represents a 2.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 501,967 shares of company stock worth $4,466,412. 69.48% of the stock is owned by insiders.

Institutional Trading of ImmunityBio

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Armistice Capital LLC acquired a new position in ImmunityBio during the second quarter worth $20,497,000. Heights Capital Management Inc. acquired a new position in ImmunityBio during the 3rd quarter worth about $16,152,000. Vanguard Group Inc. boosted its holdings in ImmunityBio by 26.8% during the 3rd quarter. Vanguard Group Inc. now owns 27,655,205 shares of the company’s stock valued at $68,032,000 after acquiring an additional 5,837,898 shares during the period. State Street Corp boosted its holdings in ImmunityBio by 45.4% during the 4th quarter. State Street Corp now owns 16,455,703 shares of the company’s stock valued at $32,582,000 after acquiring an additional 5,139,890 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in ImmunityBio by 439.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,152,684 shares of the company’s stock valued at $12,182,000 after acquiring an additional 5,012,001 shares in the last quarter. Hedge funds and other institutional investors own 8.58% of the company’s stock.

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.