ImmunityBio (NASDAQ:IBRX) Stock Price Up 10.3% – Here’s What Happened

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) shot up 10.3% during trading on Tuesday. The stock traded as high as $8.57 and last traded at $8.6150. Approximately 4,103,782 shares traded hands during trading, a decline of 80% from the average daily volume of 20,299,053 shares. The stock had previously closed at $7.81.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ImmunityBio in a research report on Tuesday, October 6th. HC Wainwright reiterated a “buy” rating and set a $15.00 target price on shares of ImmunityBio in a report on Thursday, October 15th. Piper Sandler reissued an “overweight” rating and issued a $16.00 price target on shares of ImmunityBio in a research note on Wednesday, October 14th. Finally, Jefferies Financial Group boosted their price target on ImmunityBio from $12.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, October 14th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

ImmunityBio Trading Up 0.2%

The company has a market capitalization of $9.36 billion, a P/E ratio of -9.15 and a beta of 0.02. The firm’s 50 day moving average price is $8.69 and its two-hundred day moving average price is $7.80.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.14). The firm had revenue of $51.24 million for the quarter, compared to analyst estimates of $49.70 million. Analysts anticipate that ImmunityBio, Inc. will post -0.30 earnings per share for the current fiscal year.

Insider Transactions at ImmunityBio

In related news, Director Barry J. Simon sold 25,000 shares of ImmunityBio stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $10.75, for a total value of $268,750.00. Following the sale, the director owned 2,777,788 shares of the company’s stock, valued at approximately $29,861,221. The trade was a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cheryl Cohen sold 81,056 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $10.50, for a total value of $851,088.00. Following the transaction, the director directly owned 100,309 shares of the company’s stock, valued at $1,053,244.50. This trade represents a 44.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 66.10% of the company’s stock.

Institutional Investors Weigh In On ImmunityBio

A number of institutional investors and hedge funds have recently made changes to their positions in IBRX. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of ImmunityBio during the third quarter worth approximately $511,000. Profund Advisors LLC increased its stake in shares of ImmunityBio by 1.4% in the 3rd quarter. Profund Advisors LLC now owns 179,021 shares of the company’s stock valued at $1,690,000 after purchasing an additional 2,518 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of ImmunityBio by 2.0% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 76,000 shares of the company’s stock worth $717,000 after buying an additional 1,500 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in ImmunityBio by 16.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 193,379 shares of the company’s stock valued at $1,708,000 after purchasing an additional 26,692 shares during the last quarter. Finally, D.A. Davidson & CO. raised its position in ImmunityBio by 0.6% in the third quarter. D.A. Davidson & CO. now owns 541,963 shares of the company’s stock valued at $5,116,000 after purchasing an additional 3,039 shares during the last quarter. Institutional investors own 8.58% of the company’s stock.

About ImmunityBio

ImmunityBio, Inc is a biotechnology company focused on developing and commercializing immunotherapies designed to activate and strengthen the body’s immune response against cancer and infectious diseases. The company’s approach combines immune-system modulators, cellular therapies, vaccines and other technologies intended to address multiple stages of the disease-treatment process.

Its lead product, Anktiva (nogapendekin alfa inbakicept-pmln, also known as N-803), is an interleukin-15 receptor agonist designed to stimulate natural killer cells and T cells.