ImmunityBio (NASDAQ:IBRX) Shares Down 4.5% – Time to Sell?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) were down 4.5% on Wednesday . The stock traded as low as $3.35 and last traded at $3.36. Approximately 546,238 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 4,516,372 shares. The stock had previously closed at $3.52.

Analyst Ratings Changes

Separately, Piper Sandler dropped their price objective on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock in a research report on Monday, August 19th.

ImmunityBio Price Performance

The business’s 50 day moving average price is $3.81 and its 200 day moving average price is $5.48. The stock has a market capitalization of $2.23 billion, a P/E ratio of -2.96 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last posted its earnings results on Monday, August 12th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The business had revenue of $1.05 million for the quarter, compared to analyst estimates of $2.53 million. As a group, analysts forecast that ImmunityBio, Inc. will post -0.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bleakley Financial Group LLC purchased a new position in shares of ImmunityBio in the first quarter worth approximately $58,000. Lazard Asset Management LLC grew its position in shares of ImmunityBio by 102.6% during the 1st quarter. Lazard Asset Management LLC now owns 13,019 shares of the company’s stock valued at $68,000 after acquiring an additional 6,593 shares during the period. Axxcess Wealth Management LLC bought a new position in ImmunityBio in the 1st quarter worth $85,000. Algert Global LLC purchased a new position in ImmunityBio during the second quarter valued at $86,000. Finally, Brookstone Capital Management purchased a new stake in ImmunityBio in the first quarter worth about $100,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

About ImmunityBio

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.