ImmunityBio (NASDAQ:IBRX) Upgraded by EF Hutton Acquisition Co. I to “Strong-Buy”

EF Hutton Acquisition Co. I upgraded shares of ImmunityBio (NASDAQ:IBRX) to a strong-buy rating in a research report report published on Wednesday morning, Zacks.com reports.

Separately, Piper Sandler dropped their price objective on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock in a report on Monday, August 19th.

ImmunityBio Stock Performance

Shares of NASDAQ:IBRX opened at $5.32 on Wednesday. ImmunityBio has a 52-week low of $1.62 and a 52-week high of $10.53. The company has a market cap of $3.68 billion, a P/E ratio of -4.88 and a beta of 1.02. The stock’s 50-day moving average is $3.72 and its 200-day moving average is $5.34.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The business had revenue of $1.05 million during the quarter, compared to the consensus estimate of $2.53 million. As a group, equities analysts predict that ImmunityBio will post -0.86 EPS for the current year.

Institutional Trading of ImmunityBio

A number of institutional investors and hedge funds have recently modified their holdings of IBRX. Lazard Asset Management LLC boosted its stake in ImmunityBio by 102.6% during the first quarter. Lazard Asset Management LLC now owns 13,019 shares of the company’s stock worth $68,000 after buying an additional 6,593 shares in the last quarter. Blair William & Co. IL raised its position in ImmunityBio by 106.3% in the first quarter. Blair William & Co. IL now owns 313,542 shares of the company’s stock worth $1,684,000 after purchasing an additional 161,530 shares in the last quarter. Axxcess Wealth Management LLC bought a new position in ImmunityBio during the first quarter worth about $85,000. Vanguard Group Inc. boosted its holdings in ImmunityBio by 1.6% during the first quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock valued at $72,708,000 after purchasing an additional 211,065 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of ImmunityBio by 37.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock worth $3,928,000 after buying an additional 170,742 shares during the period. 8.58% of the stock is currently owned by institutional investors.

ImmunityBio Company Profile

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.