ImmunityBio (NASDAQ:IBRX) Stock Price Down 8.9% – Here’s What Happened

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price dropped 8.9% during trading on Friday . The stock traded as low as $3.12 and last traded at $3.06. Approximately 3,529,433 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 5,524,018 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. D. Boral Capital reaffirmed a “buy” rating and set a $30.00 price target on shares of ImmunityBio in a report on Thursday, March 13th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of ImmunityBio in a report on Thursday, March 13th. Finally, BTIG Research started coverage on shares of ImmunityBio in a research report on Friday, January 10th. They set a “buy” rating and a $6.00 price objective for the company. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $12.19.

ImmunityBio Trading Down 6.5 %

The stock has a market cap of $2.68 billion, a PE ratio of -3.41 and a beta of 0.82. The business has a 50 day moving average of $3.13 and a 200-day moving average of $3.60.

ImmunityBio (NASDAQ:IBRX) last announced its earnings results on Monday, March 3rd. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.11. The business had revenue of $7.55 million during the quarter, compared to analyst estimates of $8.74 million. Research analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp grew its holdings in shares of ImmunityBio by 10.1% during the third quarter. State Street Corp now owns 8,654,460 shares of the company’s stock worth $32,195,000 after buying an additional 790,408 shares during the last quarter. Barclays PLC grew its stake in shares of ImmunityBio by 127.4% in the 3rd quarter. Barclays PLC now owns 361,036 shares of the company’s stock valued at $1,344,000 after purchasing an additional 202,248 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of ImmunityBio by 71.2% in the fourth quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company’s stock valued at $236,000 after purchasing an additional 38,400 shares during the period. SBI Securities Co. Ltd. purchased a new stake in shares of ImmunityBio during the fourth quarter worth approximately $58,000. Finally, Stephens Inc. AR acquired a new stake in shares of ImmunityBio during the fourth quarter worth $26,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

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.