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

ImmunityBio, Inc. (NASDAQ:IBRX) has earned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and six have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $14.20.

Several brokerages have commented on IBRX. HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of ImmunityBio in a research note on Tuesday, June 2nd. D. Boral Capital restated a “buy” rating and set a $23.00 price objective on shares of ImmunityBio in a research report on Tuesday, May 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ImmunityBio in a report on Friday, July 10th. Finally, BTIG Research reiterated a “buy” rating and issued a $12.00 target price on shares of ImmunityBio in a research report on Thursday, May 21st.

Insiders Place Their Bets

In other news, Director Cheryl Cohen sold 131,210 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $9.50, for a total transaction of $1,246,495.00. Following the completion of the transaction, the director directly owned 125,386 shares in the company, valued at approximately $1,191,167. This represents a 51.13% decrease in their position. 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 Christobel Selecky sold 159,478 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $9.02, for a total transaction of $1,438,491.56. Following the completion of the transaction, the director directly owned 35,064 shares of the company’s stock, valued at approximately $316,277.28. This trade represents a 81.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 435,443 shares of company stock valued at $3,918,819 in the last quarter. 66.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ImmunityBio

Hedge funds have recently bought and sold shares of the business. Western Wealth Management LLC purchased a new position in shares of ImmunityBio in the 1st quarter worth $44,000. Geneos Wealth Management Inc. raised its position in shares of ImmunityBio by 579.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,754 shares of the company’s stock valued at $44,000 after buying an additional 4,907 shares in the last quarter. Archer Investment Corp lifted its holdings in shares of ImmunityBio by 67.1% in the 1st quarter. Archer Investment Corp now owns 5,872 shares of the company’s stock valued at $45,000 after acquiring an additional 2,358 shares during the last quarter. Hodges Capital Management Inc. bought a new position in shares of ImmunityBio in the 1st quarter valued at about $77,000. Finally, Aaron Wealth Advisors LLC bought a new position in shares of ImmunityBio in the 1st quarter valued at about $78,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

ImmunityBio Price Performance

ImmunityBio stock opened at $6.99 on Friday. ImmunityBio has a 1 year low of $1.95 and a 1 year high of $12.43. The firm’s 50 day moving average price is $7.75 and its 200-day moving average price is $7.42. The stock has a market cap of $7.32 billion, a P/E ratio of -8.22 and a beta of 0.01.

ImmunityBio (NASDAQ:IBRX) last issued its earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.54). The company had revenue of $44.21 million for the quarter, compared to analysts’ expectations of $43.07 million. As a group, equities analysts expect that ImmunityBio will post -0.31 EPS for the current year.

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.