ImmunityBio (NASDAQ:IBRX) Given New $10.00 Price Target at HC Wainwright

ImmunityBio (NASDAQ:IBRX) had its price target lifted by HC Wainwright from $8.00 to $10.00 in a report released on Monday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other research firms have also weighed in on IBRX. BTIG Research boosted their target price on ImmunityBio from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Thursday. Piper Sandler upped their price objective on shares of ImmunityBio from $5.00 to $7.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Weiss Ratings restated a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. Jefferies Financial Group lifted their target price on shares of ImmunityBio from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, D. Boral Capital reissued a “buy” rating and issued a $24.00 price target on shares of ImmunityBio in a report on Tuesday, January 20th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, ImmunityBio presently has an average rating of “Moderate Buy” and an average target price of $11.80.

ImmunityBio Stock Performance

Shares of IBRX stock opened at $6.21 on Monday. ImmunityBio has a 52-week low of $1.83 and a 52-week high of $8.28. The stock has a market cap of $6.12 billion, a price-to-earnings ratio of -15.15 and a beta of 0.03. The firm’s 50-day moving average is $2.82 and its 200-day moving average is $2.60.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The business had revenue of $32.06 million for the quarter, compared to the consensus estimate of $31.88 million. Sell-side analysts predict that ImmunityBio will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other ImmunityBio news, Director Barry J. Simon sold 151,967 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total transaction of $1,094,162.40. Following the transaction, the director owned 3,091,604 shares in the company, valued at $22,259,548.80. This trade represents a 4.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christobel Selecky sold 50,000 shares of the company’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 226,967 shares of company stock worth $1,531,912. Corporate insiders own 69.48% of the company’s stock.

Hedge Funds Weigh In On ImmunityBio

A number of institutional investors have recently added to or reduced their stakes in IBRX. Armistice Capital LLC bought a new stake in ImmunityBio during the 2nd quarter worth $20,497,000. AlphaCore Capital LLC bought a new position in shares of ImmunityBio during the second quarter valued at $7,854,000. Geode Capital Management LLC lifted its holdings in shares of ImmunityBio by 34.7% during the second quarter. Geode Capital Management LLC now owns 5,777,269 shares of the company’s stock worth $15,254,000 after purchasing an additional 1,487,849 shares during the period. Chicago Partners Investment Group LLC bought a new stake in shares of ImmunityBio in the second quarter worth $70,000. Finally, Blair William & Co. IL raised its position in ImmunityBio by 2.7% during the 2nd quarter. Blair William & Co. IL now owns 239,814 shares of the company’s stock worth $633,000 after purchasing an additional 6,314 shares during the last quarter. 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.