ImmunityBio (NASDAQ:IBRX) Sees Strong Trading Volume – Here’s Why

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) saw unusually-strong trading volume on Friday . Approximately 6,811,982 shares changed hands during trading, an increase of 52% from the previous session’s volume of 4,470,012 shares.The stock last traded at $5.68 and had previously closed at $4.21.

Analysts Set New Price Targets

Several research firms have weighed in on IBRX. Piper Sandler lowered their price target on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a research note 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 stock has a market cap of $3.68 billion, a PE ratio of -4.88 and a beta of 1.02. The business has a 50 day moving average price of $3.72 and a two-hundred day moving average price of $5.34.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly 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 business had revenue of $1.05 million for the quarter, compared to analyst estimates of $2.53 million. On average, sell-side analysts forecast that ImmunityBio, Inc. will post -0.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IBRX. Lazard Asset Management LLC grew its position in shares of ImmunityBio by 102.6% in the 1st quarter. Lazard Asset Management LLC now owns 13,019 shares of the company’s stock worth $68,000 after buying an additional 6,593 shares during the last quarter. Blair William & Co. IL lifted its stake in ImmunityBio by 106.3% in the first quarter. Blair William & Co. IL now owns 313,542 shares of the company’s stock worth $1,684,000 after acquiring an additional 161,530 shares during the period. Axxcess Wealth Management LLC bought a new stake in ImmunityBio in the first quarter valued at $85,000. Vanguard Group Inc. boosted its holdings 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 in the last quarter. Finally, Bank of New York Mellon Corp increased its position in ImmunityBio by 37.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock valued at $3,928,000 after purchasing an additional 170,742 shares during the period. Hedge funds and other institutional investors own 8.58% of the company’s stock.

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.