ImmunityBio (NASDAQ:IBRX) Stock Price Up 10.5% – Time to Buy?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) traded up 10.5% during mid-day trading on Monday . The stock traded as high as $2.58 and last traded at $2.5750. 13,103,233 shares changed hands during mid-day trading, an increase of 30% from the average session volume of 10,097,557 shares. The stock had previously closed at $2.33.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IBRX. D. Boral Capital reiterated a “buy” rating and set a $24.00 price objective on shares of ImmunityBio in a research note on Thursday, December 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. Finally, Jefferies Financial Group boosted their price objective on ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.50.

ImmunityBio Price Performance

The firm has a market cap of $2.55 billion, a PE ratio of -6.32 and a beta of 0.03. The stock has a 50 day simple moving average of $2.15 and a 200-day simple moving average of $2.41.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. The firm had revenue of $32.06 million for the quarter, compared to analysts’ expectations of $31.88 million. As a group, equities analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

Several hedge funds have recently modified their holdings of IBRX. Plancorp LLC purchased a new position in ImmunityBio in the second quarter worth $717,000. Armistice Capital LLC purchased a new position in shares of ImmunityBio in the second quarter valued at $20,497,000. AlphaCore Capital LLC bought a new stake in shares of ImmunityBio in the 2nd quarter worth about $7,854,000. Geode Capital Management LLC boosted its stake in ImmunityBio by 34.7% in the second quarter. Geode Capital Management LLC now owns 5,777,269 shares of the company’s stock valued at $15,254,000 after acquiring an additional 1,487,849 shares during the period. Finally, Chicago Partners Investment Group LLC bought a new stake in ImmunityBio during the 2nd quarter valued at $70,000. Hedge funds and other institutional investors 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.