ImmunityBio (NASDAQ:IBRX) Stock Price Up 6.8% After Strong Earnings

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

The company reported ($0.15) earnings per share 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 the consensus estimate of $8.74 million.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IBRX. D. Boral Capital restated a “buy” rating and issued a $30.00 price objective on shares of ImmunityBio in a research note on Friday. BTIG Research started coverage on ImmunityBio in a report on Friday, January 10th. They set a “buy” rating and a $6.00 target price on the stock.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds have recently made changes to their positions in the stock. Stephens Inc. AR bought a new position in ImmunityBio in the 4th quarter valued at approximately $26,000. Cibc World Markets Corp acquired a new position in shares of ImmunityBio during the fourth quarter worth $35,000. Maia Wealth LLC bought a new position in shares of ImmunityBio in the 4th quarter valued at $37,000. GF Fund Management CO. LTD. acquired a new stake in shares of ImmunityBio during the 4th quarter valued at $37,000. Finally, Schechter Investment Advisors LLC bought a new stake in ImmunityBio during the 4th quarter worth $38,000. 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 business has a fifty day simple moving average of $3.02 and a 200-day simple moving average of $3.73.

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.