ImmunityBio (NASDAQ:IBRX) Shares Down 5.4% – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price dropped 5.4% during trading on Tuesday . The company traded as low as $2.17 and last traded at $2.1750. Approximately 2,432,404 shares changed hands during trading, a decline of 71% from the average daily volume of 8,432,342 shares. The stock had previously closed at $2.30.

Wall Street Analyst Weigh In

Several brokerages have recently commented on IBRX. Weiss Ratings restated a “sell (e+)” rating on shares of ImmunityBio in a research report on Monday. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of ImmunityBio in a report on Wednesday, September 10th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $24.00 price objective on shares of ImmunityBio in a report on Thursday, November 13th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ImmunityBio currently has an average rating of “Moderate Buy” and a consensus price target of $10.75.

ImmunityBio Stock Performance

The business has a 50 day moving average of $2.32 and a 200 day moving average of $2.54.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.03. The firm had revenue of $32.06 million for the quarter, compared to analysts’ expectations of $31.88 million. On average, equities analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Hedge Funds Weigh In On ImmunityBio

Several institutional investors have recently bought and sold shares of IBRX. Plancorp LLC purchased a new position in ImmunityBio during the second quarter worth $717,000. Swiss National Bank raised its stake in shares of ImmunityBio by 49.8% in the first quarter. Swiss National Bank now owns 410,400 shares of the company’s stock valued at $1,235,000 after acquiring an additional 136,400 shares during the period. Nuveen LLC bought a new stake in shares of ImmunityBio in the 1st quarter worth about $1,083,000. Vanguard Group Inc. boosted its stake in shares of ImmunityBio by 17.4% during the 1st quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company’s stock worth $61,237,000 after purchasing an additional 3,016,325 shares during the period. Finally, AlphaCore Capital LLC bought a new position in ImmunityBio during the 2nd quarter valued at about $7,854,000. 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.