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ImmunityBio (IBRX) Moves 7.0% Higher: Will This Strength Last?
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ImmunityBio (IBRX - Free Report) shares soared 7% in the last trading session to close at $8.46. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.7% loss over the past four weeks.
Recently, ImmunityBio’s founder and executive chairman, Dr. Patrick Soon-Shiong, through his investment vehicle Nant Capital, led an $11.3 million PIPE financing for small-cap biotech PDS Biotechnology. Alongside the financing, a Nant affiliate received a one-year exclusive right to negotiate a license for PDS0101, PDS’s investigational HPV-targeted immunotherapy.
The deal appears to have renewed investor focus on Soon-Shiong’s broader cancer-immunotherapy strategy and potential pipeline synergies with ImmunityBio, helping put IBRX’s own immunotherapy platform back in the spotlight.
This immunotherapy company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of -14.3%. Revenues are expected to be $60.75 million, up 89.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For ImmunityBio, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IBRX going forward to see if this recent jump can turn into more strength down the road.
ImmunityBio is part of the Zacks Medical - Biomedical and Genetics industry. PTC Therapeutics (PTCT - Free Report) , another stock in the same industry, closed the last trading session 0.6% higher at $68. PTCT has returned -8.3% in the past month.
PTC Therapeutics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.15. Compared to the company's year-ago EPS, this represents a change of -25%. PTC Therapeutics currently boasts a Zacks Rank of #3 (Hold).
View the Zacks #1 Rank List
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ImmunityBio (IBRX) Moves 7.0% Higher: Will This Strength Last?
ImmunityBio (IBRX - Free Report) shares soared 7% in the last trading session to close at $8.46. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.7% loss over the past four weeks.
Recently, ImmunityBio’s founder and executive chairman, Dr. Patrick Soon-Shiong, through his investment vehicle Nant Capital, led an $11.3 million PIPE financing for small-cap biotech PDS Biotechnology. Alongside the financing, a Nant affiliate received a one-year exclusive right to negotiate a license for PDS0101, PDS’s investigational HPV-targeted immunotherapy.
The deal appears to have renewed investor focus on Soon-Shiong’s broader cancer-immunotherapy strategy and potential pipeline synergies with ImmunityBio, helping put IBRX’s own immunotherapy platform back in the spotlight.
This immunotherapy company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of -14.3%. Revenues are expected to be $60.75 million, up 89.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For ImmunityBio, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IBRX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
ImmunityBio is part of the Zacks Medical - Biomedical and Genetics industry. PTC Therapeutics (PTCT - Free Report) , another stock in the same industry, closed the last trading session 0.6% higher at $68. PTCT has returned -8.3% in the past month.
PTC Therapeutics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.15. Compared to the company's year-ago EPS, this represents a change of -25%. PTC Therapeutics currently boasts a Zacks Rank of #3 (Hold).