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

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) were up 6.8% during mid-day trading 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. Approximately 4,527,554 shares changed hands during mid-day 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) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.11. The firm had revenue of $7.55 million for the quarter, compared to analysts’ expectations of $8.74 million.

Analysts Set New Price Targets

IBRX has been the subject of several research analyst reports. D. Boral Capital reaffirmed a “buy” rating and issued a $30.00 price objective on shares of ImmunityBio in a research report on Friday, February 28th. BTIG Research began coverage on shares of ImmunityBio in a research report on Friday, January 10th. They set a “buy” rating and a $6.00 price target for the company.

Institutional Investors Weigh In On ImmunityBio

A number of institutional investors have recently added to or reduced their stakes in IBRX. GSA Capital Partners LLP grew its stake in ImmunityBio by 290.3% in the 3rd quarter. GSA Capital Partners LLP now owns 107,985 shares of the company’s stock valued at $402,000 after acquiring an additional 80,318 shares during the period. Intech Investment Management LLC acquired a new stake in ImmunityBio during the 3rd quarter worth $253,000. Charles Schwab Investment Management Inc. boosted its stake in ImmunityBio by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,265,981 shares of the company’s stock worth $4,709,000 after purchasing an additional 29,665 shares during the last quarter. Advantage Alpha Capital Partners LP acquired a new stake in ImmunityBio during the 3rd quarter worth $257,000. Finally, Quantbot Technologies LP acquired a new stake in ImmunityBio during the 3rd quarter worth $143,000. Institutional investors and hedge funds own 8.58% of the company’s stock.

ImmunityBio Stock Performance

The firm’s 50 day simple moving average is $3.04 and its 200-day simple moving average is $3.72. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -3.33 and a beta of 0.94.

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.