ImmunityBio (NASDAQ:IBRX) Stock Price Down 4.1% – What’s Next?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) fell 4.1% during mid-day trading on Thursday . The stock traded as low as $5.58 and last traded at $5.64. 17,914,998 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 47,021,926 shares. The stock had previously closed at $5.88.

Analyst Upgrades and Downgrades

IBRX has been the topic of a number of recent analyst reports. D. Boral Capital restated a “buy” rating and issued a $24.00 price target on shares of ImmunityBio in a research report on Tuesday, January 20th. HC Wainwright boosted their target price on shares of ImmunityBio from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Jefferies Financial Group increased their price target on shares of ImmunityBio from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Weiss Ratings restated a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. Finally, Piper Sandler boosted their price target on ImmunityBio from $5.00 to $7.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.80.

ImmunityBio Stock Up 7.3%

The company has a 50 day moving average price of $3.52 and a 200-day moving average price of $2.81. The company has a market cap of $5.96 billion, a price-to-earnings ratio of -14.76 and a beta of 0.16.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.03. The business had revenue of $32.06 million during the quarter, compared to analyst estimates of $31.88 million. On average, analysts forecast that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Insider Activity at ImmunityBio

In related news, Director Christobel Selecky sold 25,000 shares of the business’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $7.51, for a total value of $187,750.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barry J. Simon sold 151,967 shares of ImmunityBio stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total value of $1,094,162.40. Following the completion of the transaction, the director directly owned 3,091,604 shares of the company’s stock, valued at approximately $22,259,548.80. This trade represents a 4.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 226,967 shares of company stock worth $1,531,912 over the last quarter. 69.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its stake in shares of ImmunityBio by 193.4% in the 1st quarter. AQR Capital Management LLC now owns 44,448 shares of the company’s stock valued at $134,000 after acquiring an additional 29,297 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in ImmunityBio in the second quarter valued at $43,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of ImmunityBio by 39.6% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,095 shares of the company’s stock worth $90,000 after purchasing an additional 9,663 shares in the last quarter. Blair William & Co. IL grew its stake in shares of ImmunityBio by 2.7% in the 2nd quarter. Blair William & Co. IL now owns 239,814 shares of the company’s stock valued at $633,000 after buying an additional 6,314 shares during the period. Finally, CWM LLC increased its position in ImmunityBio by 849.2% in the 2nd quarter. CWM LLC now owns 48,715 shares of the company’s stock valued at $129,000 after buying an additional 43,583 shares in the last quarter. 8.58% of the stock is currently owned by institutional investors.

ImmunityBio Company Profile

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.