ImmunityBio (NASDAQ:IBRX) Shares Gap Up – What’s Next?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) gapped up before the market opened on Wednesday . The stock had previously closed at $3.49, but opened at $3.64. ImmunityBio shares last traded at $3.71, with a volume of 929,108 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on IBRX shares. Piper Sandler cut their price target on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a report on Monday, August 19th. EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a report on Wednesday.

ImmunityBio Price Performance

The business has a 50 day moving average of $3.69 and a 200 day moving average of $5.35. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -4.34 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last issued its earnings results on Monday, August 12th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The company had revenue of $1.05 million during the quarter, compared to analyst estimates of $2.53 million. On average, sell-side analysts forecast that ImmunityBio, Inc. will post -0.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IBRX. Sheets Smith Wealth Management raised its stake in shares of ImmunityBio by 380.8% in the first quarter. Sheets Smith Wealth Management now owns 945,720 shares of the company’s stock valued at $5,079,000 after purchasing an additional 749,041 shares in the last quarter. Vanguard Group Inc. grew its position in ImmunityBio by 1.6% in the first quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock valued at $72,708,000 after acquiring an additional 211,065 shares during the period. Bank of New York Mellon Corp grew its position in ImmunityBio by 37.9% in the second quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock valued at $3,928,000 after acquiring an additional 170,742 shares during the period. Blair William & Co. IL grew its position in ImmunityBio by 106.3% in the first quarter. Blair William & Co. IL now owns 313,542 shares of the company’s stock valued at $1,684,000 after acquiring an additional 161,530 shares during the period. Finally, Tidal Investments LLC bought a new stake in ImmunityBio in the first quarter valued at $499,000. 8.58% of the stock is currently owned by institutional investors and hedge funds.

About ImmunityBio

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.