ImmunityBio (NASDAQ:IBRX) Stock Price Down 10.2% – What’s Next?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) were down 10.2% during trading on Wednesday . The stock traded as low as $8.93 and last traded at $8.98. Approximately 32,788,773 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 44,766,883 shares. The stock had previously closed at $10.00.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IBRX. Jefferies Financial Group raised their price objective on ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 12th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ImmunityBio in a report on Monday, February 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $12.00 price target (up from $7.00) on shares of ImmunityBio in a research note on Wednesday. D. Boral Capital reissued a “buy” rating and issued a $23.00 price objective on shares of ImmunityBio in a research note on Monday, February 23rd. Finally, HC Wainwright upped their target price on shares of ImmunityBio from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.60.

ImmunityBio Price Performance

The stock has a market capitalization of $9.23 billion, a PE ratio of -23.63 and a beta of -0.03. The firm has a fifty day moving average price of $5.59 and a two-hundred day moving average price of $3.49.

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

Insider Transactions at ImmunityBio

In other news, Director Christobel Selecky sold 25,000 shares of the 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Barry J. Simon sold 75,000 shares of the firm’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 transaction, the director owned 2,850,821 shares in the company, valued at approximately $34,238,360.21. This represents a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 501,967 shares of company stock valued at $4,466,412 in the last quarter. 69.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Slow Capital Inc. bought a new stake in shares of ImmunityBio in the 3rd quarter valued at about $25,000. Envision Financial Planning LLC bought a new position in ImmunityBio in the second quarter worth approximately $28,000. Summit X LLC bought a new position in ImmunityBio in the second quarter worth approximately $28,000. Diversify Advisory Services LLC purchased a new stake in ImmunityBio during the second quarter worth $27,000. Finally, Truist Financial Corp bought a new stake in ImmunityBio during the 3rd quarter valued at $27,000. Hedge funds and other institutional investors 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.