Millennium Management LLC Reduces Position in ImmunityBio, Inc. (NASDAQ:IBRX)

Millennium Management LLC lessened its stake in shares of ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) by 79.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 234,078 shares of the company's stock after selling 882,687 shares during the quarter. Millennium Management LLC's holdings in ImmunityBio were worth $599,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in IBRX. Stephens Inc. AR purchased a new stake in ImmunityBio in the fourth quarter worth $26,000. Cibc World Markets Corp purchased a new stake in ImmunityBio in the fourth quarter worth $35,000. Maia Wealth LLC purchased a new stake in ImmunityBio in the fourth quarter worth $37,000. Schechter Investment Advisors LLC purchased a new stake in ImmunityBio in the fourth quarter worth $38,000. Finally, Ameriprise Financial Inc. bought a new position in ImmunityBio in the fourth quarter worth $38,000. Hedge funds and other institutional investors own 8.58% of the company's stock.

ImmunityBio Stock Performance

NASDAQ IBRX opened at $3.15 on Friday. ImmunityBio, Inc. has a one year low of $1.83 and a one year high of $7.63. The stock has a 50-day moving average of $2.59 and a 200 day moving average of $3.03. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of -3.42 and a beta of 0.14.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The company had revenue of $16.52 million during the quarter, compared to the consensus estimate of $17.50 million. On average, equities analysts predict that ImmunityBio, Inc. will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on IBRX shares. Piper Sandler upgraded ImmunityBio from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $4.25 to $5.00 in a report on Tuesday, May 20th. HC Wainwright reiterated a "buy" rating and issued a $8.00 price objective on shares of ImmunityBio in a report on Wednesday. Finally, D. Boral Capital reiterated a "buy" rating and issued a $30.00 price objective on shares of ImmunityBio in a report on Tuesday, June 3rd. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $12.25.

ImmunityBio Profile

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.

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