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

Shares of 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.

Wall Street Analysts Forecast Growth

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

ImmunityBio Trading Up 20.3 %

The stock has a market capitalization of $2.00 billion, a PE ratio of -3.12 and a beta of 0.86. The company’s 50 day simple moving average is $3.78 and its 200 day simple moving average is $4.26.

Institutional Trading of ImmunityBio

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. increased its holdings 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 worth $126,000 after buying an additional 2,746 shares during the last quarter. Wealth Effects LLC increased its position in shares of ImmunityBio by 3.4% during the third quarter. Wealth Effects LLC now owns 90,500 shares of the company’s stock worth $337,000 after acquiring an additional 3,000 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in ImmunityBio by 8.4% in the third quarter. Exchange Traded Concepts LLC now owns 47,984 shares of the company’s stock worth $178,000 after purchasing an additional 3,722 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in ImmunityBio by 22.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company’s stock worth $99,000 after purchasing an additional 4,545 shares in the last quarter. Finally, Courier Capital LLC grew its stake in ImmunityBio by 50.0% in the third quarter. Courier Capital LLC now owns 30,000 shares of the company’s stock worth $112,000 after purchasing an additional 10,000 shares in the last quarter. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.