ImmunityBio (NASDAQ:IBRX) Upgraded by Piper Sandler to “Overweight” Rating

Piper Sandler upgraded shares of ImmunityBio (NASDAQ:IBRX) from a neutral rating to an overweight rating in a report issued on Tuesday, Marketbeat Ratings reports. They currently have $5.00 price objective on the stock, up from their previous price objective of $4.25.

Other analysts also recently issued reports about the stock. D. Boral Capital reaffirmed a “buy” rating and set a $30.00 price objective on shares of ImmunityBio in a report on Monday, May 12th. HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of ImmunityBio in a report on Monday, May 12th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $12.25.

ImmunityBio Price Performance

Shares of NASDAQ IBRX opened at $2.90 on Tuesday. ImmunityBio has a 1 year low of $1.83 and a 1 year high of $7.63. The firm has a market cap of $2.56 billion, a PE ratio of -3.15 and a beta of 0.33. The company has a 50 day simple moving average of $2.64 and a 200 day simple moving average of $3.25.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The firm had revenue of $16.52 million during the quarter, compared to analysts’ expectations of $17.50 million. As a group, research analysts anticipate that ImmunityBio will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN raised its stake in ImmunityBio by 30.4% during the fourth quarter. Wells Fargo & Company MN now owns 138,605 shares of the company’s stock valued at $355,000 after purchasing an additional 32,334 shares in the last quarter. Altium Capital Management LLC bought a new position in shares of ImmunityBio during the fourth quarter valued at approximately $2,714,000. Vanguard Group Inc. boosted its holdings in ImmunityBio by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company’s stock valued at $44,360,000 after acquiring an additional 425,713 shares during the period. Handelsbanken Fonder AB increased its stake in ImmunityBio by 71.2% in the fourth quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company’s stock worth $236,000 after purchasing an additional 38,400 shares during the period. Finally, Barclays PLC boosted its stake in shares of ImmunityBio by 9.8% during the fourth quarter. Barclays PLC now owns 396,484 shares of the company’s stock valued at $1,015,000 after purchasing an additional 35,448 shares during the period. 8.58% of the stock is currently owned by hedge funds and other institutional investors.

ImmunityBio Company Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in developing therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases. Its platforms for the development of biologic product candidates include antibody-cytokine fusion proteins; DNA, RNA, and recombinant protein vaccines; and cell therapies.