ImmunityBio (NASDAQ:IBRX) Shares Down 5.4% – Time to Sell?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) dropped 5.4% on Thursday . The company traded as low as $7.81 and last traded at $7.82. Approximately 14,544,397 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 41,771,363 shares. The stock had previously closed at $8.27.

Analyst Ratings Changes

IBRX has been the topic of several analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. Piper Sandler reissued an “overweight” rating and set a $12.00 price objective (up from $7.00) on shares of ImmunityBio in a research note on Wednesday, March 4th. HC Wainwright upped their target price on shares of ImmunityBio from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. D. Boral Capital reiterated a “buy” rating and issued a $23.00 target price on shares of ImmunityBio in a report on Monday. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of ImmunityBio in a report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, ImmunityBio currently has an average rating of “Moderate Buy” and a consensus price target of $14.40.

ImmunityBio Price Performance

The company’s 50-day simple moving average is $6.37 and its 200-day simple moving average is $3.75. The stock has a market capitalization of $8.04 billion, a P/E ratio of -20.58 and a beta of -0.03.

ImmunityBio (NASDAQ:IBRX) last issued its earnings results on Monday, March 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $38.29 million during the quarter. On average, analysts forecast that ImmunityBio, Inc. will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Christobel Selecky sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $5.00, for a total value of $250,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Barry J. Simon sold 165,000 shares of ImmunityBio stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $10.25, for a total value of $1,691,250.00. Following the sale, the director directly owned 2,925,821 shares of the company’s stock, valued at approximately $29,989,665.25. The trade was a 5.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 501,967 shares of company stock worth $4,466,412. Insiders own 69.48% of the company’s stock.

Hedge Funds Weigh In On ImmunityBio

A number of hedge funds have recently added to or reduced their stakes in the stock. Slow Capital Inc. bought a new stake in shares of ImmunityBio during the 3rd quarter valued at $25,000. Envision Financial Planning LLC bought a new stake in ImmunityBio during the second quarter worth about $28,000. Diversify Advisory Services LLC acquired a new stake in ImmunityBio during the second quarter worth about $27,000. Truist Financial Corp bought a new position in ImmunityBio in the 3rd quarter valued at about $27,000. Finally, Swiss Life Asset Management Ltd acquired a new position in shares of ImmunityBio in the 3rd quarter valued at approximately $27,000. Institutional investors own 8.58% of the company’s stock.

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.