In a challenging market environment, ImmunityBio Inc. (NASDAQ: IBRX), formerly known as NantKwest (NASDAQ:IBRX), has seen its stock price touch a 52-week low, dipping to $3.12. According to InvestingPro data, the stock has shown resilience with a beta of -0.43, typically moving counter to market trends. This latest price level reflects a significant shift in the company's performance, with InvestingPro analysis showing a 45.91% return over the past year. Investors are closely monitoring the biotechnology firm as it navigates through a period of volatility and market pressures, with analysts setting price targets ranging from $4.75 to $30. The company's journey to this 52-week low has been marked by a series of hurdles, including competitive industry dynamics and investor sentiment influenced by broader economic factors. Despite these challenges, the company maintains strong liquidity with a current ratio of 2.68, and analysts forecast 25.15% revenue growth for FY2024. Get deeper insights and access to more financial metrics with InvestingPro.
In other recent news, ImmunityBio, Inc. has announced plans for a public stock offering, aiming to raise funds for the commercialization of its bladder cancer treatment, ANKTIVA®, and other corporate purposes. The company has shown significant revenue growth, over 1,200% in the last twelve months. The offering will be managed by Jefferies and Piper Sandler, with BTIG and H.C. Wainwright & Co. serving as co-lead managers. In terms of analyst coverage, EF Hutton initiated coverage on ImmunityBio, issuing a Buy rating with a stock target of $30.00, while Piper Sandler maintained a Neutral rating.
In partnership news, ImmunityBio has teamed up with software company nCartes, Inc. to automate data processes in clinical trials, aiming to accelerate data collection and reduce costs. On the clinical front, ImmunityBio reported positive results from its QUILT 3.055 trial, indicating prolonged survival in patients with advanced non-small cell lung cancer. Lastly, in corporate developments, ImmunityBio re-elected nine directors at its Annual Meeting of Stockholders and approved an increase in the number of shares authorized for issuance under its 2015 Equity Incentive Plan by 19.9 million. These are the recent developments for ImmunityBio, Inc.
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