ImmunityBio (NASDAQ:IBRX) Stock Price Down 7.6% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX) shares were down 7.6% during trading on Monday . The company traded as low as $8.67 and last traded at $8.7230. 3,883,821 shares were traded during trading, a decline of 85% from the average daily volume of 26,095,385 shares. The stock had previously closed at $9.44.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on IBRX shares. HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of ImmunityBio in a research report on Tuesday, June 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ImmunityBio in a research report on Tuesday, April 14th. BTIG Research reissued a “buy” rating and issued a $12.00 price objective on shares of ImmunityBio in a report on Thursday, May 21st. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $23.00 price target on shares of ImmunityBio in a report on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ImmunityBio presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.20.

ImmunityBio Stock Performance

The business’s 50 day moving average is $7.71 and its 200-day moving average is $6.77. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of -10.69 and a beta of 0.01.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.54). The company had revenue of $44.21 million for the quarter, compared to analysts’ expectations of $43.07 million. Sell-side analysts anticipate that ImmunityBio, Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, Director Barry J. Simon sold 25,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $7.88, for a total transaction of $197,000.00. Following the transaction, the director directly owned 2,802,788 shares in the company, valued at approximately $22,085,969.44. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christobel Selecky sold 95,722 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $9.01, for a total value of $862,455.22. Following the completion of the sale, the director owned 32,173 shares of the company’s stock, valued at $289,878.73. This trade represents a 74.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 144,755 shares of company stock worth $1,233,832. Insiders own 66.10% of the company’s stock.

Institutional Investors Weigh In On ImmunityBio

A number of large investors have recently modified their holdings of the company. Collective Family Office LLC boosted its position in shares of ImmunityBio by 3.1% in the 2nd quarter. Collective Family Office LLC now owns 157,200 shares of the company’s stock valued at $1,376,000 after purchasing an additional 4,693 shares during the period. Vestor Capital LLC acquired a new stake in shares of ImmunityBio in the 1st quarter valued at approximately $88,000. Arete Wealth Advisors LLC purchased a new stake in shares of ImmunityBio during the 1st quarter worth $4,500,000. Norris Financial Group LLC acquired a new position in ImmunityBio during the first quarter worth about $108,000. Finally, Western Wealth Management LLC purchased a new position in ImmunityBio in the 1st quarter valued at approximately $44,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

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.