ImmunityBio (NASDAQ:IBRX) Earns Buy Rating from HC Wainwright

ImmunityBio (NASDAQ:IBRX)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report released on Thursday, MarketBeat reports. They currently have a $15.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 78.15% from the stock’s previous close. HC Wainwright also issued estimates for ImmunityBio’s FY2027 earnings at $0.10 EPS.

A number of other research analysts also recently weighed in on the stock. Jefferies Financial Group upped their price objective on shares of ImmunityBio from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of ImmunityBio in a research report on Tuesday, October 6th. Finally, Piper Sandler restated an “overweight” rating and set a $16.00 price target on shares of ImmunityBio in a research report on Wednesday. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

ImmunityBio Trading Down 8.3%

Shares of ImmunityBio stock traded down $0.76 during trading hours on Thursday, reaching $8.42. The stock had a trading volume of 19,518,626 shares, compared to its average volume of 20,613,855. The stock’s 50 day moving average is $8.57 and its 200 day moving average is $7.97. The firm has a market capitalization of $8.92 billion, a PE ratio of -8.68 and a beta of 0.02. 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 data on Tuesday, August 4th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.14). The business had revenue of $51.24 million for the quarter, compared to analyst estimates of $49.70 million. As a group, sell-side analysts predict that ImmunityBio will post -0.44 earnings per share for the current year.

Insider Activity

In related news, Director Barry J. Simon sold 25,000 shares of the company’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $10.75, for a total transaction of $268,750.00. Following the completion of the transaction, the director owned 2,777,788 shares in the company, valued at $29,861,221. This represents a 0.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 company’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $10.50, for a total transaction of $851,088.00. Following the transaction, the director owned 100,309 shares of the company’s stock, valued at approximately $1,053,244.50. This trade represents a 44.69% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 66.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Doliver Advisors LP grew its stake in ImmunityBio by 110.0% during the 3rd quarter. Doliver Advisors LP now owns 210,000 shares of the company’s stock valued at $1,982,000 after acquiring an additional 110,000 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in ImmunityBio during the 2nd quarter valued at about $1,287,000. Tidal Investments LLC purchased a new stake in ImmunityBio during the 2nd quarter valued at about $2,207,000. SEB Asset Management AB purchased a new stake in ImmunityBio during the 1st quarter valued at about $18,770,000. Finally, BlackRock Inc. grew its stake in ImmunityBio by 29.4% during the 2nd quarter. BlackRock Inc. now owns 34,083,262 shares of the company’s stock valued at $298,399,000 after acquiring an additional 7,736,819 shares in the last quarter. Institutional investors and hedge funds own 8.58% of the company’s stock.

ImmunityBio Company Profile

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.