ImmunityBio (NASDAQ:IBRX) Shares Down 6% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price was down 6% during mid-day trading on Wednesday . The stock traded as low as $5.56 and last traded at $5.5950. Approximately 10,161,692 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 53,490,465 shares. The stock had previously closed at $5.95.

Analyst Upgrades and Downgrades

IBRX has been the subject of a number of research analyst reports. HC Wainwright boosted their target price on shares of ImmunityBio from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday. BTIG Research lifted their price objective on ImmunityBio from $6.00 to $9.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. D. Boral Capital reaffirmed a “buy” rating and issued a $24.00 target price on shares of ImmunityBio in a report on Tuesday, January 20th. Jefferies Financial Group lifted their price objective on ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ImmunityBio in a report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ImmunityBio presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.80.

ImmunityBio Stock Up 5.8%

The business has a 50 day moving average price of $3.05 and a two-hundred day moving average price of $2.67.

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

Insiders Place Their Bets

In related news, Director Christobel Selecky sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $7.51, for a total transaction of $187,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Barry J. Simon sold 151,967 shares of the company’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $7.20, for a total value of $1,094,162.40. Following the completion of the transaction, the director directly owned 3,091,604 shares in the company, valued at approximately $22,259,548.80. The trade was a 4.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 226,967 shares of company stock worth $1,531,912. 69.48% of the stock is owned by insiders.

Hedge Funds Weigh In On ImmunityBio

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Slow Capital Inc. acquired a new position in shares of ImmunityBio in the 3rd quarter valued at $25,000. Envision Financial Planning LLC purchased a new position in ImmunityBio during the 2nd quarter valued at about $28,000. Summit X LLC acquired a new position in shares of ImmunityBio during the 2nd quarter valued at about $28,000. Diversify Advisory Services LLC acquired a new position in shares of ImmunityBio during the second quarter valued at about $27,000. Finally, Truist Financial Corp acquired a new stake in shares of ImmunityBio during the 3rd quarter worth about $27,000. Institutional investors and hedge funds own 8.58% of the company’s stock.

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.