ImmunityBio, Inc. (NASDAQ:IBRX) Receives $14.20 Consensus Target Price from Analysts

ImmunityBio, Inc. (NASDAQ:IBRX) has received a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $14.20.

Several equities research analysts recently weighed in on IBRX shares. Piper Sandler reaffirmed an “overweight” rating and issued a $12.00 price target (up from $7.00) on shares of ImmunityBio in a research note on Wednesday, March 4th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ImmunityBio in a research note on Monday, February 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ImmunityBio in a research note on Tuesday, April 14th. BTIG Research set a $12.00 price target on ImmunityBio in a research note on Friday, May 8th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $23.00 price target on shares of ImmunityBio in a research note on Tuesday, May 5th.

Insiders Place Their Bets

In other news, Director Barry J. Simon sold 75,000 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $12.01, for a total value of $900,750.00. Following the sale, the director directly owned 2,850,821 shares of the company’s stock, valued at approximately $34,238,360.21. This represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Christobel Selecky sold 25,000 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $10.00, for a total value of $250,000.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 275,000 shares of company stock worth $2,934,500. Insiders own 69.48% of the company’s stock.

Institutional Investors Weigh In On ImmunityBio

A number of institutional investors have recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of ImmunityBio by 347.7% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 1,324,871 shares of the company’s stock valued at $3,246,000 after purchasing an additional 1,028,921 shares in the last quarter. Heights Capital Management Inc. bought a new position in shares of ImmunityBio during the third quarter valued at $16,152,000. Vanguard Group Inc. lifted its holdings in shares of ImmunityBio by 26.8% during the third quarter. Vanguard Group Inc. now owns 27,655,205 shares of the company’s stock valued at $68,032,000 after purchasing an additional 5,837,898 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of ImmunityBio by 79.2% during the third quarter. Rafferty Asset Management LLC now owns 452,458 shares of the company’s stock valued at $1,113,000 after purchasing an additional 199,990 shares in the last quarter. Finally, MOR Wealth Management LLC bought a new position in shares of ImmunityBio during the fourth quarter valued at $494,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

Key ImmunityBio News

Here are the key news stories impacting ImmunityBio this week:

• Negative Sentiment: Multiple law firms announced or reminded investors about a securities class action against ImmunityBio after the FDA flagged alleged misleading cancer-treatment claims related to Anktiva, raising concerns about possible liability and credibility. Article Title
• Negative Sentiment: The May 26 lead-plaintiff deadline is being heavily promoted by firms including Faruqi & Faruqi, Rosen, Pomerantz, Berger Montague, the Schall Law Firm, and others, keeping the litigation story in focus and reinforcing downside pressure. Article Title
• Neutral Sentiment: Founder Patrick Soon-Shiong’s anticipated American Urological Association talk could offer new clinical or strategic commentary on ImmunityBio’s pipeline, but investors are waiting to see whether it changes the narrative. Article Title

ImmunityBio Price Performance

Shares of IBRX stock opened at $7.97 on Monday. The stock has a market cap of $8.35 billion, a price-to-earnings ratio of -9.38 and a beta of 0.02. The business’s fifty day moving average is $7.82 and its 200 day moving average is $5.42. 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 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 company had revenue of $44.21 million during the quarter, compared to the consensus estimate of $43.07 million. Equities research analysts expect that ImmunityBio will post -0.31 earnings per share for the current fiscal year.

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.