ImmunityBio (NASDAQ:IBRX) Stock Price Down 7.1% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX) shares dropped 7.1% on Wednesday . The company traded as low as $5.69 and last traded at $5.88. Approximately 21,239,734 shares were traded during trading, a decline of 56% from the average daily volume of 48,281,555 shares. The stock had previously closed at $6.33.

Analyst Ratings Changes

Several equities research analysts have commented on IBRX shares. D. Boral Capital reiterated a “buy” rating and issued a $24.00 price objective on shares of ImmunityBio in a research note on Tuesday, January 20th. HC Wainwright upped their target price on ImmunityBio from $8.00 to $10.00 and gave the company a “buy” rating in a report on Monday, January 26th. Piper Sandler lifted 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. Jefferies Financial Group raised their target price on ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Finally, BTIG Research lifted their target price on ImmunityBio from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. 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 company presently has an average rating of “Moderate Buy” and an average price target of $11.80.

ImmunityBio Stock Performance

The firm has a 50 day moving average price of $3.30 and a two-hundred day moving average price of $2.74. The company has a market cap of $5.79 billion, a P/E ratio of -14.34 and a beta of 0.16.

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

Insider Transactions at ImmunityBio

In other news, Director Christobel Selecky sold 50,000 shares of the business’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barry J. Simon sold 151,967 shares of ImmunityBio stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total transaction of $1,094,162.40. Following the sale, the director directly owned 3,091,604 shares of the company’s stock, valued at $22,259,548.80. This represents a 4.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 226,967 shares of company stock worth $1,531,912 over the last 90 days. Corporate insiders own 69.48% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Armistice Capital LLC purchased a new position in shares of ImmunityBio in the second quarter valued at about $20,497,000. Heights Capital Management Inc. bought a new stake in shares of ImmunityBio in the third quarter worth about $16,152,000. Vanguard Group Inc. grew its stake in shares of ImmunityBio by 26.8% in the third quarter. Vanguard Group Inc. now owns 27,655,205 shares of the company’s stock worth $68,032,000 after purchasing an additional 5,837,898 shares during the last quarter. AlphaCore Capital LLC purchased a new position in ImmunityBio during the 2nd quarter valued at about $7,854,000. Finally, Woodline Partners LP raised its position in ImmunityBio by 53.7% during the 3rd quarter. Woodline Partners LP now owns 5,297,725 shares of the company’s stock valued at $13,032,000 after purchasing an additional 1,851,854 shares during the last quarter. Hedge funds and other institutional investors own 8.58% of the company’s stock.

About ImmunityBio

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.