ImmunityBio (NASDAQ:IBRX) Now Covered by BTIG Research

BTIG Research assumed coverage on shares of ImmunityBio (NASDAQ:IBRX) in a research note issued to investors on Thursday morning, MarketBeat reports. The brokerage issued a buy rating and a $13.00 target price on the stock.

Other research analysts have also issued research reports about the stock. D. Boral Capital reissued a “buy” rating and set a $23.00 target price on shares of ImmunityBio in a research report on Monday. HC Wainwright lifted their price objective on ImmunityBio from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, February 23rd. Piper Sandler reissued an “overweight” rating and set a $12.00 price objective (up from $7.00) on shares of ImmunityBio in a research report on Wednesday, March 4th. The Goldman Sachs Group restated a “buy” rating on shares of ImmunityBio in a research note on Monday, February 23rd. Finally, Jefferies Financial Group raised their target price on ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, December 12th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $14.40.

ImmunityBio Stock Down 5.4%

Shares of IBRX stock opened at $7.82 on Thursday. ImmunityBio has a 12 month low of $1.83 and a 12 month high of $12.43. The company has a market cap of $8.04 billion, a PE ratio of -20.58 and a beta of -0.03. The business’s 50 day moving average is $6.49 and its two-hundred day moving average is $3.77.

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

Insider Transactions at ImmunityBio

In related news, Director Barry J. Simon sold 165,000 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $10.25, for a total transaction of $1,691,250.00. Following the transaction, the director directly owned 2,925,821 shares in the company, valued at $29,989,665.25. The trade was a 5.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Christobel Selecky sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. The SEC filing for this sale provides additional information. Insiders have sold 501,967 shares of company stock valued at $4,466,412 in the last ninety days. 69.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in ImmunityBio by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 32,777,257 shares of the company’s stock worth $64,899,000 after purchasing an additional 5,122,052 shares during the period. State Street Corp increased its holdings in ImmunityBio by 45.4% in the 4th quarter. State Street Corp now owns 16,455,703 shares of the company’s stock valued at $32,582,000 after buying an additional 5,139,890 shares during the period. Geode Capital Management LLC raised its stake in shares of ImmunityBio by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 7,920,178 shares of the company’s stock valued at $15,684,000 after buying an additional 1,030,113 shares in the last quarter. Armistice Capital LLC bought a new position in shares of ImmunityBio during the 2nd quarter worth about $20,497,000. Finally, Heights Capital Management Inc. bought a new position in shares of ImmunityBio during the 3rd quarter worth about $16,152,000. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.