ImmunityBio, Inc. (NASDAQ:IBRX) Receives $14.20 Consensus Target Price from Brokerages

ImmunityBio, Inc. (NASDAQ:IBRX) has been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $14.20.

IBRX has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $15.00 price objective on shares of ImmunityBio in a report on Tuesday, June 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of ImmunityBio in a report on Tuesday, April 14th. Piper Sandler reissued an “overweight” rating and issued a $12.00 price objective (up from $7.00) on shares of ImmunityBio in a report on Wednesday, March 4th. The Goldman Sachs Group reiterated a “buy” rating on shares of ImmunityBio in a research report on Monday, February 23rd. Finally, BTIG Research reissued a “buy” rating and set a $12.00 price target on shares of ImmunityBio in a report on Thursday, May 21st.

ImmunityBio Stock Up 1.1%

Shares of IBRX stock opened at $7.25 on Friday. The company has a 50 day moving average price of $7.55 and a 200-day moving average price of $6.05. ImmunityBio has a 52 week low of $1.95 and a 52 week high of $12.43. The firm has a market capitalization of $7.59 billion, a PE ratio of -8.53 and a beta of 0.03.

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

Insider Buying and Selling at ImmunityBio

In other news, Director Barry J. Simon sold 23,033 shares of ImmunityBio stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $7.18, for a total transaction of $165,376.94. Following the transaction, the director directly owned 2,827,788 shares of the company’s stock, valued at $20,303,517.84. The trade was a 0.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 69.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ImmunityBio

Several large investors have recently added to or reduced their stakes in the company. Heights Capital Management Inc. bought a new position in shares of ImmunityBio in the third quarter worth approximately $16,152,000. Vanguard Group Inc. boosted its position in shares of ImmunityBio by 26.8% in the third quarter. Vanguard Group Inc. now owns 27,655,205 shares of the company’s stock worth $68,032,000 after purchasing an additional 5,837,898 shares during the period. State Street Corp boosted its position in shares of ImmunityBio by 45.4% in the fourth quarter. State Street Corp now owns 16,455,703 shares of the company’s stock worth $32,582,000 after purchasing an additional 5,139,890 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of ImmunityBio by 439.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,152,684 shares of the company’s stock worth $12,182,000 after purchasing an additional 5,012,001 shares during the period. Finally, SEB Asset Management AB bought a new position in shares of ImmunityBio in the first quarter worth approximately $18,770,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

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.