ImmunityBio (NASDAQ:IBRX) Trading Up 6.8% After Better-Than-Expected Earnings

ImmunityBio, Inc. (NASDAQ:IBRX) shares rose 6.8% during mid-day trading on Tuesday following a stronger than expected earnings report. The stock 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 company had revenue of $7.55 million during the quarter, compared to analysts’ expectations of $8.74 million.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on IBRX. BTIG Research began coverage on ImmunityBio in a report on Friday, January 10th. They issued a “buy” rating and a $6.00 price target for the company. D. Boral Capital reaffirmed a “buy” rating and issued a $30.00 price target on shares of ImmunityBio in a report on Friday, February 28th.

Institutional Investors Weigh In On ImmunityBio

Several large investors have recently modified their holdings of IBRX. Stephens Inc. AR purchased a new position in ImmunityBio in the fourth quarter worth $26,000. Cibc World Markets Corp purchased a new position in ImmunityBio in the fourth quarter worth $35,000. Maia Wealth LLC purchased a new position in ImmunityBio in the fourth quarter worth $37,000. GF Fund Management CO. LTD. acquired a new stake in ImmunityBio in the fourth quarter valued at $37,000. Finally, Schechter Investment Advisors LLC acquired a new stake in ImmunityBio in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

ImmunityBio Stock Up 1.3 %

The company has a market cap of $2.13 billion, a price-to-earnings ratio of -3.33 and a beta of 0.94. The company has a fifty day simple moving average of $3.04 and a two-hundred day simple moving average of $3.72.

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.