ImmunityBio (NASDAQ:IBRX) Stock Price Up 6.3% – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX) rose 6.3% during mid-day trading on Thursday . The company traded as high as $2.59 and last traded at $2.54. Approximately 1,024,347 shares traded hands during trading, a decline of 77% from the average daily volume of 4,484,282 shares. The stock had previously closed at $2.39.

Analysts Set New Price Targets

IBRX has been the topic of a number of research reports. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a report on Wednesday, October 23rd. BTIG Research initiated coverage on ImmunityBio in a report on Friday, January 10th. They set a “buy” rating and a $6.00 price target on the stock. Finally, D. Boral Capital reissued a “buy” rating and set a $30.00 price target on shares of ImmunityBio in a report on Thursday.

ImmunityBio Price Performance

The stock has a market cap of $2.00 billion, a price-to-earnings ratio of -3.12 and a beta of 0.86. The stock’s 50-day moving average is $3.78 and its 200 day moving average is $4.26.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds have recently added to or reduced their stakes in IBRX. Rhumbline Advisers lifted its position in ImmunityBio by 13.3% in the second quarter. Rhumbline Advisers now owns 211,677 shares of the company’s stock valued at $1,338,000 after purchasing an additional 24,802 shares during the period. Victory Capital Management Inc. lifted its position in shares of ImmunityBio by 16.0% during the 2nd quarter. Victory Capital Management Inc. now owns 19,953 shares of the company’s stock valued at $126,000 after acquiring an additional 2,746 shares during the period. Private Advisor Group LLC lifted its position in shares of ImmunityBio by 727.7% during the 2nd quarter. Private Advisor Group LLC now owns 86,907 shares of the company’s stock valued at $549,000 after acquiring an additional 76,407 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of ImmunityBio during the 2nd quarter valued at approximately $105,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of ImmunityBio during the 2nd quarter valued at approximately $126,000. Institutional investors and hedge funds own 8.58% of the company’s stock.

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.