ImmunityBio Stock Jumps: What's Going On?

ImmunityBio Inc. (NASDAQ:IBRX) shares are soaring Friday, extending a steadily rising pattern that’s played out over the past several months. ImmunityBio shares are powering higher. What’s behind IBRX gains? ImmunityBio’s Chart Shows a Genuine Rising Floor The stock’s broader chart shows a confirmed floor near $6.66 to $6.67, touched twice, on July 28 and again on August 4. Since then, the climb hasn’t been smooth. Shares have rallied and pulled back repeatedly in a choppy, sawtooth pattern. Each pullback’s low point, though, has consistently landed above the one before it. That floor rose from $6.66-to-$6.67 up to $7.48 in late August, then $7.64 by mid-September, then $8.25 toward the end of September, tracing out a steady upward staircase across four separate swings even amid all the back-and-forth. The most recent move breaks that pattern in a different way. Shares leapt from a low of $8.25 on September 28 to $10.12 only two trading days later on September 30. That’s a gain of roughly $1.87 in a very short window, making it the single sharpest move anywhere on the chart. A jump that abrupt usually points to some specific piece of news, though nothing has surfaced yet to confirm what drove it. Trading has stayed bumpy since that spike. The stock pulled back before pushing higher again, landing at today’s level near $10.50 and keeping intact the same volatile-but-rising pattern that’s defined the stock since midsummer. What to Watch Going Forward The immediate test is whether the stock can hold or clear the $10.12-to-$10.50 zone, the high point of the recent spike and roughly where shares trade today. A convincing close above that range would be the first real sign this move has staying power rather than fading back into the chop that’s defined recent months. Beyond that level, there’s no clear prior resistance visible in the stock’s recent trading history to point to as a longer-term target, since current prices already sit near the top of where the stock has traded over the past several months. IBRX Shares Are Flying IBRX Price Action: ImmunityBio shares were up 10.78% at $10.28 at the time of publication on Friday, according to Benzinga Pro. Read Also: Weak Jobs Report Lifts Nvidia, Nasdaq 100 to Record Highs: Stock Market Today Image: Tigarto/Shutterstock