ImmunityBio (NASDAQ:IBRX) Shares Gap Up – Should You Buy?

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price 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 changing hands.

Wall Street Analyst Weigh In

Separately, Piper Sandler decreased their price objective on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a report on Monday, August 19th.

ImmunityBio Trading Down 1.4 %

The firm’s fifty day moving average is $3.69 and its 200 day moving average is $5.38. The stock has a market cap of $2.38 billion, a P/E ratio of -3.20 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last posted its earnings results on Monday, August 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The firm had revenue of $1.05 million for the quarter, compared to analyst estimates of $2.53 million. Research analysts forecast that ImmunityBio, Inc. will post -0.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bleakley Financial Group LLC acquired a new position in shares of ImmunityBio during the first quarter worth about $58,000. Lazard Asset Management LLC grew its stake in shares of ImmunityBio by 102.6% during the 1st quarter. Lazard Asset Management LLC now owns 13,019 shares of the company’s stock worth $68,000 after acquiring an additional 6,593 shares in the last quarter. Axxcess Wealth Management LLC acquired a new stake in shares of ImmunityBio in the first quarter valued at approximately $85,000. Algert Global LLC bought a new position in ImmunityBio in the second quarter valued at $86,000. Finally, Brookstone Capital Management bought a new position in shares of ImmunityBio during the 1st quarter worth approximately $100,000. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.