ImmunityBio (NASDAQ:IBRX) Trading Up 6.8% on Strong Earnings

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price was up 6.8% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $3.01 and last traded at $3.05. Approximately 4,527,554 shares traded hands during trading, a decline of 28% from the average daily volume of 6,319,711 shares. The stock had previously closed at $2.85.

The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.11. The business had revenue of $7.55 million during the quarter, compared to the consensus estimate of $8.74 million.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. D. Boral Capital reissued a “buy” rating and set a $30.00 price objective on shares of ImmunityBio in a report on Friday. BTIG Research assumed coverage on ImmunityBio in a research report on Friday, January 10th. They issued a “buy” rating and a $6.00 price objective for the company.

Institutional Trading of ImmunityBio

Hedge funds have recently bought and sold shares of the stock. State Street Corp increased its position in shares of ImmunityBio by 10.1% during the third quarter. State Street Corp now owns 8,654,460 shares of the company’s stock worth $32,195,000 after acquiring an additional 790,408 shares in the last quarter. Barclays PLC increased its holdings in ImmunityBio by 127.4% during the 3rd quarter. Barclays PLC now owns 361,036 shares of the company’s stock worth $1,344,000 after purchasing an additional 202,248 shares in the last quarter. Stephens Inc. AR acquired a new stake in shares of ImmunityBio in the 4th quarter valued at about $26,000. Handelsbanken Fonder AB lifted its holdings in shares of ImmunityBio by 71.2% in the fourth quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company’s stock valued at $236,000 after purchasing an additional 38,400 shares in the last quarter. Finally, HighTower Advisors LLC bought a new position in shares of ImmunityBio during the third quarter worth about $136,000. 8.58% of the stock is currently owned by institutional investors and hedge funds.

ImmunityBio Stock Performance

The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -3.31 and a beta of 0.94. The stock has a 50-day moving average of $3.02 and a 200-day moving average of $3.73.

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.