Piper Sandler Upgrades ImmunityBio (NASDAQ:IBRX) to Overweight

ImmunityBio (NASDAQ:IBRXGet Free Report) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Tuesday, Marketbeat.com reports. The firm currently has a $5.00 price target on the stock, up from their previous price target of $4.25. Piper Sandler’s price objective suggests a potential upside of 88.68% from the company’s previous close.

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

Read Our Latest Analysis on ImmunityBio

ImmunityBio Price Performance

NASDAQ IBRX opened at $2.65 on Tuesday. ImmunityBio has a 1 year low of $1.83 and a 1 year high of $7.63. The stock has a market capitalization of $2.34 billion, a PE ratio of -2.88 and a beta of 0.33. The business’s 50-day moving average is $2.64 and its 200 day moving average is $3.25.

ImmunityBio (NASDAQ:IBRXGet Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates 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, equities research analysts anticipate that ImmunityBio will post -0.92 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IBRX. Swiss National Bank boosted its position in shares of ImmunityBio by 1.5% during the fourth quarter. Swiss National Bank now owns 274,000 shares of the company’s stock valued at $701,000 after purchasing an additional 4,000 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of ImmunityBio by 7.7% during the 4th quarter. ProShare Advisors LLC now owns 73,773 shares of the company’s stock valued at $189,000 after buying an additional 5,261 shares in the last quarter. XTX Topco Ltd grew its position in shares of ImmunityBio by 5.4% in the 1st quarter. XTX Topco Ltd now owns 111,647 shares of the company’s stock worth $336,000 after buying an additional 5,764 shares during the period. Crestwood Advisors Group LLC increased its stake in shares of ImmunityBio by 37.0% in the 1st quarter. Crestwood Advisors Group LLC now owns 22,200 shares of the company’s stock worth $67,000 after acquiring an additional 6,000 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its stake in shares of ImmunityBio by 20.4% in the 4th quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company’s stock worth $107,000 after acquiring an additional 7,067 shares in the last quarter. Institutional investors own 8.58% of the company’s stock.

About ImmunityBio

(Get Free Report)

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.

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Analyst Recommendations for ImmunityBio (NASDAQ:IBRX)

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