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

ImmunityBio, Inc. (NASDAQ:IBRX) gapped down prior to trading on Tuesday . The stock had previously closed at $6.21, but opened at $5.96. ImmunityBio shares last traded at $5.9070, with a volume of 14,421,718 shares traded.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ImmunityBio in a report on Monday, December 29th. D. Boral Capital reiterated a “buy” rating and set a $24.00 target price on shares of ImmunityBio in a research report on Tuesday, January 20th. BTIG Research upped their price target on ImmunityBio from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group lifted their price objective on shares of ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Finally, Piper Sandler raised their target price on shares of ImmunityBio from $5.00 to $7.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, ImmunityBio has an average rating of “Moderate Buy” and an average target price of $11.80.

ImmunityBio Stock Down 5.2%

The company has a 50 day simple moving average of $2.82 and a two-hundred day simple moving average of $2.60. The company has a market capitalization of $5.80 billion, a P/E ratio of -14.35 and a beta of 0.03.

ImmunityBio (NASDAQ:IBRX) last announced its earnings results on Wednesday, November 5th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The company had revenue of $32.06 million during the quarter, compared to analysts’ expectations of $31.88 million. As a group, research analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at ImmunityBio

In other ImmunityBio news, Director Christobel Selecky sold 25,000 shares of the business’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 accessible through the SEC website. Also, Director Barry J. Simon sold 151,967 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 3,091,604 shares in the company, valued at approximately $22,259,548.80. This represents a 4.69% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 226,967 shares of company stock worth $1,531,912. Insiders own 69.48% of the company’s stock.

Hedge Funds Weigh In On ImmunityBio

Several hedge funds have recently bought and sold shares of IBRX. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ImmunityBio by 37.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,411 shares of the company’s stock worth $120,000 after purchasing an additional 16,419 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of ImmunityBio by 31.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 47,863 shares of the company’s stock worth $95,000 after purchasing an additional 11,319 shares during the last quarter. Xcel Wealth Management LLC purchased a new position in ImmunityBio in the 4th quarter worth about $40,000. Opal Wealth Advisors LLC purchased a new position in ImmunityBio in the 4th quarter worth about $28,000. Finally, TigerOak Management L.L.C. bought a new stake in ImmunityBio during the 4th quarter valued at about $33,000. Institutional investors own 8.58% of the company’s stock.

About ImmunityBio

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.