ImmunityBio (NASDAQ:IBRX) Shares Down 7.8% – What’s Next?

by · The Cerbat Gem

ImmunityBio, Inc. (NASDAQ:IBRX – Get Free Report) traded down 7.8% during mid-day trading on Monday . The company traded as low as $2.22 and last traded at $2.1750. 1,922,171 shares were traded during mid-day trading, a decline of 78% from the average session volume of 8,576,193 shares. The stock had previously closed at $2.36.

Analysts Set New Price Targets

A number of research firms have commented on IBRX. Weiss Ratings reiterated a “sell (e+)” rating on shares of ImmunityBio in a research report on Monday. Jefferies Financial Group raised their price target on shares of ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of ImmunityBio in a report on Wednesday, September 10th. Finally, D. Boral Capital restated a “buy” rating and set a $24.00 price target on shares of ImmunityBio in a research report on Thursday, December 11th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, ImmunityBio presently has an average rating of “Moderate Buy” and an average price target of $10.40.

Read Our Latest Analysis on ImmunityBio

ImmunityBio Stock Down 1.6%

The firm’s fifty day moving average is $2.27 and its two-hundred day moving average is $2.52. The firm has a market cap of $2.09 billion, a P/E ratio of -5.18 and a beta of 0.10.

ImmunityBio (NASDAQ:IBRX – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. The business had revenue of $32.06 million for the quarter, compared to analysts’ expectations of $31.88 million. As a group, sell-side analysts forecast that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Swiss Life Asset Management Ltd purchased a new stake in ImmunityBio in the 3rd quarter worth $27,000. CIBC Bancorp USA Inc. purchased a new stake in ImmunityBio in the third quarter worth $60,000. Alpine Global Management LLC bought a new position in shares of ImmunityBio in the third quarter worth about $56,000. Heights Capital Management Inc. bought a new stake in ImmunityBio during the 3rd quarter valued at about $16,152,000. Finally, Woodline Partners LP increased its position in shares of ImmunityBio by 53.7% during the third quarter. Woodline Partners LP now owns 5,297,725 shares of the company’s stock worth $13,032,000 after acquiring an additional 1,851,854 shares during the period. 8.58% of the stock is currently owned by institutional investors.

About ImmunityBio

(Get Free Report)

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.

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