Piper Sandler Increases ImmunityBio (NASDAQ:IBRX) Price Target to $6.00

ImmunityBio (NASDAQ:IBRX) had its price target hoisted by equities researchers at Piper Sandler from $5.00 to $6.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential downside of 18.37% from the company’s current price.

ImmunityBio Price Performance

Shares of NASDAQ:IBRX opened at $7.35 on Monday. The firm has a market capitalization of $4.98 billion, a PE ratio of -6.34 and a beta of 1.23. The business has a 50 day simple moving average of $5.25 and a two-hundred day simple moving average of $4.23. ImmunityBio has a 1 year low of $1.25 and a 1 year high of $7.74.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly earnings results on Tuesday, March 19th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.01). The company had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.03 million. Equities research analysts expect that ImmunityBio will post -0.68 EPS for the current fiscal year.

Hedge Funds Weigh In On ImmunityBio

A number of large investors have recently made changes to their positions in IBRX. SG Americas Securities LLC purchased a new stake in ImmunityBio in the third quarter valued at $57,000. Exchange Traded Concepts LLC boosted its stake in shares of ImmunityBio by 22.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 58,136 shares of the company’s stock worth $98,000 after acquiring an additional 10,596 shares in the last quarter. Aire Advisors LLC purchased a new stake in shares of ImmunityBio during the 3rd quarter worth about $25,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in shares of ImmunityBio during the 3rd quarter worth about $144,000. Finally, Merit Financial Group LLC raised its position in shares of ImmunityBio by 84.0% during the 3rd quarter. Merit Financial Group LLC now owns 43,800 shares of the company’s stock worth $74,000 after purchasing an additional 20,000 shares during the last quarter. 8.58% of the stock is owned by institutional investors and hedge funds.

About ImmunityBio

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in discovering, developing, and commercializing next-generation immuno- and cellular therapies for cancer and infectious diseases in the United States and Europe. The company offers immunotherapy and cell therapy platforms, including antibody cytokine fusion protein N-803, vaccine delivery technologies, and natural killer cell therapies.