ImmunityBio (NASDAQ:IBRX) Stock Price Down 9.6% – Here’s What Happened

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price traded down 9.6% during mid-day trading on Tuesday . The company traded as low as $5.56 and last traded at $5.58. 4,504,389 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 4,874,499 shares. The stock had previously closed at $6.17.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler dropped their price objective on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock in a report on Monday, August 19th. EF Hutton Acquisition Co. I raised shares of ImmunityBio to a “strong-buy” rating in a report on Wednesday, October 23rd.

ImmunityBio Stock Down 5.5 %

The company has a market capitalization of $4.06 billion, a PE ratio of -5.76 and a beta of 1.02. The company has a 50-day moving average price of $3.76 and a two-hundred day moving average price of $5.34.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in ImmunityBio by 16.0% during the second quarter. Victory Capital Management Inc. now owns 19,953 shares of the company’s stock valued at $126,000 after buying an additional 2,746 shares during the period. Wealth Effects LLC boosted its position in shares of ImmunityBio by 3.4% during the 3rd quarter. Wealth Effects LLC now owns 90,500 shares of the company’s stock valued at $337,000 after acquiring an additional 3,000 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of ImmunityBio by 8.4% during the third quarter. Exchange Traded Concepts LLC now owns 47,984 shares of the company’s stock worth $178,000 after purchasing an additional 3,722 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ImmunityBio by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 123,879 shares of the company’s stock worth $667,000 after purchasing an additional 4,533 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of ImmunityBio by 22.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company’s stock worth $99,000 after purchasing an additional 4,545 shares during the last quarter. 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.