ImmunityBio (NASDAQ:IBRX) Shares Down 2.5% – Here’s What Happened

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) fell 2.5% during trading on Monday . The stock traded as low as $8.04 and last traded at $8.45. 25,493,588 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 43,266,133 shares. The stock had previously closed at $8.67.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on IBRX shares. BTIG Research increased their price target on ImmunityBio from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of ImmunityBio in a research report on Monday, December 29th. Piper Sandler reissued an “overweight” rating and issued a $12.00 price target (up from $7.00) on shares of ImmunityBio in a research note on Wednesday, March 4th. D. Boral Capital restated a “buy” rating and issued a $23.00 price target on shares of ImmunityBio in a report on Monday. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of ImmunityBio in a research note on Monday, February 23rd. 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, ImmunityBio currently has an average rating of “Moderate Buy” and a consensus price target of $13.60.

ImmunityBio Price Performance

The stock has a 50-day simple moving average of $6.25 and a 200-day simple moving average of $3.71. The stock has a market cap of $8.50 billion, a PE ratio of -21.76 and a beta of -0.03.

ImmunityBio (NASDAQ:IBRX) last released its quarterly earnings data on Monday, March 2nd. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $38.29 million during the quarter. As a group, equities research analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Insider Activity at ImmunityBio

In other ImmunityBio news, Director Christobel Selecky sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barry J. Simon sold 165,000 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $10.25, for a total transaction of $1,691,250.00. Following the completion of the sale, the director directly owned 2,925,821 shares of the company’s stock, valued at $29,989,665.25. The trade was a 5.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 501,967 shares of company stock worth $4,466,412 in the last 90 days. 69.48% of the stock is currently owned by insiders.

Institutional Trading of ImmunityBio

A number of institutional investors have recently added to or reduced their stakes in IBRX. Slow Capital Inc. acquired a new stake in ImmunityBio in the 3rd quarter valued at $25,000. Envision Financial Planning LLC acquired a new position in shares of ImmunityBio during the second quarter worth about $28,000. Diversify Advisory Services LLC acquired a new position in shares of ImmunityBio during the second quarter worth about $27,000. Truist Financial Corp purchased a new stake in shares of ImmunityBio in the third quarter worth about $27,000. Finally, Swiss Life Asset Management Ltd acquired a new stake in shares of ImmunityBio in the third quarter valued at about $27,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

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.