ImmunityBio (NASDAQ:IBRX) Sees Strong Trading Volume – Still a Buy?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) saw strong trading volume on Friday . 6,811,982 shares changed hands during trading, an increase of 52% from the previous session’s volume of 4,470,012 shares.The stock last traded at $5.68 and had previously closed at $4.21.

Analyst Upgrades and Downgrades

IBRX has been the subject of several recent research reports. Piper Sandler reduced their price target on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a research report on Monday, August 19th. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a report on Wednesday.

ImmunityBio Stock Performance

The company’s 50 day simple moving average is $3.72 and its 200-day simple moving average is $5.34. The firm has a market capitalization of $3.68 billion, a PE ratio of -4.88 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The company had revenue of $1.05 million during the quarter, compared to the consensus estimate of $2.53 million. On average, equities research analysts forecast that ImmunityBio, Inc. will post -0.86 earnings per share for the current fiscal year.

Institutional Trading of ImmunityBio

A number of large investors have recently modified their holdings of IBRX. Sheets Smith Wealth Management raised its stake in ImmunityBio by 380.8% in the first quarter. Sheets Smith Wealth Management now owns 945,720 shares of the company’s stock valued at $5,079,000 after purchasing an additional 749,041 shares in the last quarter. Vanguard Group Inc. grew its position in ImmunityBio by 1.6% in the first quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock worth $72,708,000 after acquiring an additional 211,065 shares in the last quarter. Bank of New York Mellon Corp increased its stake in ImmunityBio by 37.9% in the second quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock valued at $3,928,000 after acquiring an additional 170,742 shares during the last quarter. Blair William & Co. IL raised its position in ImmunityBio by 106.3% during the first quarter. Blair William & Co. IL now owns 313,542 shares of the company’s stock valued at $1,684,000 after purchasing an additional 161,530 shares in the last quarter. Finally, Tidal Investments LLC bought a new stake in ImmunityBio during the first quarter worth about $499,000. Institutional investors 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.