ImmunityBio (NASDAQ:IBRX) Trading Down 2.9% – Here’s Why

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) traded down 2.9% during trading on Friday . The company traded as low as $2.81 and last traded at $2.82. 1,759,528 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 6,080,779 shares. The stock had previously closed at $2.90.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. BTIG Research assumed coverage on shares of ImmunityBio in a research note on Friday, January 10th. They set a “buy” rating and a $6.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of ImmunityBio in a research report on Thursday. Finally, D. Boral Capital restated a “buy” rating and set a $30.00 target price on shares of ImmunityBio in a research report on Thursday. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $12.19.

ImmunityBio Trading Down 1.0 %

The stock has a market cap of $2.45 billion, a P/E ratio of -3.12 and a beta of 0.82. The stock’s fifty day moving average price is $3.08 and its 200 day moving average price is $3.66.

ImmunityBio (NASDAQ:IBRX) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.11. The firm had revenue of $7.55 million for the quarter, compared to analysts’ expectations of $8.74 million. On average, analysts anticipate that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Institutional Trading of ImmunityBio

Hedge funds and other institutional investors have recently bought and sold shares of the company. GF Fund Management CO. LTD. purchased a new position in shares of ImmunityBio during the fourth quarter worth approximately $37,000. Waverly Advisors LLC purchased a new position in ImmunityBio in the 4th quarter worth $38,000. Woodline Partners LP lifted its stake in ImmunityBio by 682.7% in the fourth quarter. Woodline Partners LP now owns 3,442,440 shares of the company’s stock worth $8,813,000 after purchasing an additional 3,002,622 shares during the last quarter. Wexford Capital LP purchased a new stake in ImmunityBio during the fourth quarter valued at about $85,000. Finally, Two Sigma Investments LP purchased a new position in shares of ImmunityBio in the fourth quarter worth about $72,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

ImmunityBio Company Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in developing therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases. Its platforms for the development of biologic product candidates include antibody-cytokine fusion proteins; DNA, RNA, and recombinant protein vaccines; and cell therapies.