ImmunityBio (NASDAQ:IBRX) Shares Cross Above 50 Day Moving Average – Here’s Why

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $8.69 and traded as high as $8.83. ImmunityBio shares last traded at $8.81, with a volume of 7,140,913 shares traded.

Analyst Ratings Changes

A number of analysts recently issued reports on IBRX shares. Weiss Ratings restated a “sell (d-)” rating on shares of ImmunityBio in a research note on Tuesday, October 6th. HC Wainwright reissued a “buy” rating and set a $15.00 price objective on shares of ImmunityBio in a report on Thursday, October 15th. Jefferies Financial Group raised their price objective on shares of ImmunityBio from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, October 14th. Finally, Piper Sandler reissued an “overweight” rating and issued a $16.00 target price on shares of ImmunityBio in a research report on Wednesday, October 14th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

ImmunityBio Trading Up 2.1%

The company has a market cap of $9.34 billion, a price-to-earnings ratio of -9.08 and a beta of 0.02. The firm has a 50-day moving average price of $8.69 and a 200 day moving average price of $7.80.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.14). The company had revenue of $51.24 million during the quarter, compared to analyst estimates of $49.70 million. Research analysts anticipate that ImmunityBio, Inc. will post -0.30 earnings per share for the current fiscal year.

Insider Buying and Selling at ImmunityBio

In related news, Director Cheryl Cohen sold 81,056 shares of the business’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $10.50, for a total transaction of $851,088.00. Following the completion of the sale, the director owned 100,309 shares of the company’s stock, valued at $1,053,244.50. This represents a 44.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Barry Simon sold 25,000 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $10.75, for a total transaction of $268,750.00. Following the sale, the director owned 2,777,788 shares in the company, valued at approximately $29,861,221. This trade represents a 0.89% decrease in their position. 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. 66.10% of the stock is owned by insiders.

Hedge Funds Weigh In On ImmunityBio

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its position in shares of ImmunityBio by 29.4% during the second quarter. BlackRock Inc. now owns 34,083,262 shares of the company’s stock worth $298,399,000 after acquiring an additional 7,736,819 shares during the last quarter. State Street Corp increased its holdings in shares of ImmunityBio by 20.8% in the 2nd quarter. State Street Corp now owns 21,398,438 shares of the company’s stock worth $187,343,000 after acquiring an additional 3,690,335 shares during the period. SEB Asset Management AB acquired a new stake in shares of ImmunityBio in the 1st quarter worth about $18,770,000. Bank of America Corp DE bought a new stake in ImmunityBio in the 2nd quarter valued at about $19,125,000. Finally, Private Advisor Group LLC lifted its position in ImmunityBio by 923.5% in the 1st quarter. Private Advisor Group LLC now owns 1,648,556 shares of the company’s stock valued at $12,644,000 after purchasing an additional 1,487,482 shares during the last quarter. 8.58% of the stock is currently owned by institutional investors and hedge funds.

ImmunityBio Company Profile

ImmunityBio, Inc is a biotechnology company focused on developing and commercializing immunotherapies designed to activate and strengthen the body’s immune response against cancer and infectious diseases. The company’s approach combines immune-system modulators, cellular therapies, vaccines and other technologies intended to address multiple stages of the disease-treatment process.

Its lead product, Anktiva (nogapendekin alfa inbakicept-pmln, also known as N-803), is an interleukin-15 receptor agonist designed to stimulate natural killer cells and T cells.