HC Wainwright Boosts ImmunityBio (NASDAQ:IBRX) Price Target to $10.00

ImmunityBio (NASDAQ:IBRX) had its price objective increased by equities research analysts at HC Wainwright from $8.00 to $10.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 55.04% from the company’s current price.

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

ImmunityBio Price Performance

NASDAQ:IBRX opened at $6.45 on Monday. ImmunityBio has a one year low of $1.83 and a one year high of $8.28. The firm’s 50 day simple moving average is $2.74 and its 200 day simple moving average is $2.58. The company has a market cap of $6.35 billion, a PE ratio of -15.73 and a beta of 0.03.

ImmunityBio (NASDAQ:IBRX) last released its 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. Equities research analysts expect that ImmunityBio will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other ImmunityBio news, Director Christobel Selecky sold 25,000 shares of the business’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $7.51, for a total value of $187,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Barry J. Simon sold 151,967 shares of the stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total value of $1,094,162.40. Following the completion of the transaction, the director directly owned 3,091,604 shares in the company, valued at $22,259,548.80. This trade represents a 4.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 226,967 shares of company stock worth $1,531,912. 69.48% of the stock is owned by insiders.

Hedge Funds Weigh In On ImmunityBio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBRX. Slow Capital Inc. acquired a new position in shares of ImmunityBio in the third quarter valued at $25,000. Truist Financial Corp bought a new position in shares of ImmunityBio in the 3rd quarter valued at about $27,000. Swiss Life Asset Management Ltd acquired a new position in shares of ImmunityBio during the 3rd quarter worth about $27,000. Diversify Advisory Services LLC acquired a new position in shares of ImmunityBio during the 2nd quarter worth approximately $27,000. Finally, Summit X LLC acquired a new position in shares of ImmunityBio in the second quarter valued at $28,000. 8.58% of the stock is owned by institutional investors.

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.