ImmunityBio (NASDAQ:IBRX) Shares Down 4.2% – Time to Sell?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) dropped 4.2% on Tuesday . The stock traded as low as $9.80 and last traded at $10.00. Approximately 25,968,397 shares changed hands during trading, a decline of 42% from the average daily volume of 45,002,406 shares. The stock had previously closed at $10.44.

Wall Street Analysts Forecast Growth

IBRX has been the topic of a number of research analyst reports. HC Wainwright raised their price objective on shares of ImmunityBio from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ImmunityBio in a report on Monday, December 29th. Piper Sandler upped their target price on ImmunityBio from $5.00 to $7.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. BTIG Research lifted their price target on ImmunityBio from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Finally, Jefferies Financial Group raised their target price on shares of ImmunityBio from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.60.

ImmunityBio Trading Down 4.2%

The business has a 50 day moving average price of $5.43 and a 200-day moving average price of $3.44. The firm has a market capitalization of $10.28 billion, a PE ratio of -26.32 and a beta of 0.16.

ImmunityBio (NASDAQ:IBRX) last released its earnings results on Monday, March 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $38.29 million during the quarter. On average, equities research analysts forecast that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Insider Transactions at ImmunityBio

In related news, Director Christobel Selecky sold 25,000 shares of ImmunityBio stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barry J. Simon sold 75,000 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $12.01, for a total value of $900,750.00. Following the completion of the sale, the director directly owned 2,850,821 shares in the company, valued at $34,238,360.21. This trade represents a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 501,967 shares of company stock worth $4,466,412. 69.48% of the stock is owned by insiders.

Institutional Investors Weigh In On ImmunityBio

A number of large investors have recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of ImmunityBio by 347.7% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 1,324,871 shares of the company’s stock worth $3,246,000 after buying an additional 1,028,921 shares in the last quarter. Armistice Capital LLC acquired a new stake in ImmunityBio during the second quarter worth approximately $20,497,000. AlphaCore Capital LLC purchased a new stake in ImmunityBio in the 2nd quarter worth approximately $7,854,000. Geode Capital Management LLC raised its holdings in ImmunityBio by 34.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,777,269 shares of the company’s stock valued at $15,254,000 after acquiring an additional 1,487,849 shares during the last quarter. Finally, AXQ Capital LP raised its holdings in ImmunityBio by 263.4% in the 3rd quarter. AXQ Capital LP now owns 71,300 shares of the company’s stock valued at $175,000 after acquiring an additional 51,678 shares during the last quarter. 8.58% of the stock is owned by institutional investors and hedge funds.

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.