ImmunityBio (NASDAQ:IBRX) Shares Down 2.5% - Should You Sell?

Key Points

• ImmunityBio shares fell about 2.5% to $8.45 (mid-day low $8.04) with ~25.5 million shares traded, a 41% decline from the stock's average daily volume.
• Wall Street consensus is a “Moderate Buy” (six Buys, one Sell) with an average price target of $13.60, well above the current share price.
• Despite insiders owning roughly 69.48% of the stock, they sold about 501,967 shares (~$4.47 million) over the last quarter, including notable director sales.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on IBRX shares. Piper Sandler reissued an "overweight" rating and set a $12.00 target price (up from $7.00) on shares of ImmunityBio in a research note on Wednesday, March 4th. Weiss Ratings reiterated a "sell (e+)" rating on shares of ImmunityBio in a report on Monday, December 29th. D. Boral Capital restated a "buy" rating and set a $23.00 price objective on shares of ImmunityBio in a report on Monday. HC Wainwright boosted their price objective 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. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ImmunityBio in a research report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ImmunityBio has a consensus rating of "Moderate Buy" and an average price target of $13.60.

ImmunityBio Stock Down 2.5%

The firm has a fifty day moving average of $6.00 and a 200-day moving average of $3.63. The firm has a market cap of $8.69 billion, a P/E ratio of -22.24 and a beta of -0.03.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $38.29 million during the quarter. On average, equities analysts forecast that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Insider Activity

In related news, Director Christobel Selecky sold 25,000 shares of ImmunityBio stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $10.00, for a total transaction of $250,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barry J. Simon sold 75,000 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $12.01, for a total value of $900,750.00. Following the sale, the director owned 2,850,821 shares of the company's stock, 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 sold a total of 501,967 shares of company stock valued at $4,466,412 over the last quarter. 69.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Walser Wealth Management Company A Ltd Liability Co acquired a new position in shares of ImmunityBio in the fourth quarter valued at about $59,000. Invesco Ltd. grew its position in shares of ImmunityBio by 14.6% during the 4th quarter. Invesco Ltd. now owns 182,836 shares of the company's stock worth $362,000 after purchasing an additional 23,353 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of ImmunityBio by 69.7% during the fourth quarter. Corient Private Wealth LLC now owns 333,149 shares of the company's stock worth $660,000 after purchasing an additional 136,858 shares during the period. EP Wealth Advisors LLC acquired a new stake in shares of ImmunityBio in the fourth quarter valued at approximately $35,000. Finally, Empowered Funds LLC bought a new stake in shares of ImmunityBio in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds 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.

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