ImmunityBio (NASDAQ:IBRX) Stock Price Down 5.5% – Time to Sell?

ImmunityBio, Inc. (NASDAQ:IBRX) was down 5.5% during mid-day trading on Monday . The stock traded as low as $2.67 and last traded at $2.69. Approximately 1,388,272 shares traded hands during trading, a decline of 75% from the average daily volume of 5,466,951 shares. The stock had previously closed at $2.84.

Analyst Ratings Changes

Several analysts recently issued reports on IBRX shares. HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of ImmunityBio in a research report on Monday, May 12th. D. Boral Capital restated a “buy” rating and set a $30.00 target price on shares of ImmunityBio in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $12.19.

ImmunityBio Stock Performance

The company has a market capitalization of $2.51 billion, a PE ratio of -3.09 and a beta of 0.33. The company’s fifty day moving average is $2.64 and its 200-day moving average is $3.27.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03). The company had revenue of $16.52 million during the quarter, compared to the consensus estimate of $17.50 million. On average, sell-side analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Hedge Funds Weigh In On ImmunityBio

Several institutional investors have recently made changes to their positions in IBRX. Slow Capital Inc. acquired a new stake in ImmunityBio in the first quarter worth about $30,000. Compound Planning Inc. purchased a new stake in shares of ImmunityBio in the first quarter valued at approximately $30,000. Thrive Wealth Management LLC purchased a new stake in shares of ImmunityBio during the first quarter worth approximately $30,000. Stephens Inc. AR purchased a new stake in shares of ImmunityBio during the fourth quarter worth approximately $26,000. Finally, Xponance Inc. purchased a new stake in ImmunityBio in the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

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.