ImmunityBio (NASDAQ:IBRX) Trading Down 5.1% - Here's What Happened

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s stock price fell 5.1% during trading on Monday . The stock traded as low as $2.72 and last traded at $2.73. 1,901,671 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 6,046,236 shares. The stock had previously closed at $2.87.

Wall Street Analyst Weigh In

IBRX has been the topic of a number of research reports. D. Boral Capital restated a "buy" rating and set a $30.00 price objective on shares of ImmunityBio in a research report on Tuesday, June 3rd. Piper Sandler upgraded ImmunityBio from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $4.25 to $5.00 in a report on Tuesday, May 20th. Finally, HC Wainwright reiterated a "buy" rating and issued a $8.00 price objective on shares of ImmunityBio in a report on Wednesday, June 4th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $12.25.

ImmunityBio Trading Up 1.1%

The firm has a market capitalization of $2.46 billion, a P/E ratio of -4.81 and a beta of 0.14. The company has a 50-day moving average of $2.68 and a 200-day moving average of $2.85.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates 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. Research analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Institutional Investors Weigh In On ImmunityBio

Large investors have recently modified their holdings of the company. Swiss National Bank lifted its holdings in ImmunityBio by 1.5% in the fourth quarter. Swiss National Bank now owns 274,000 shares of the company's stock valued at $701,000 after buying an additional 4,000 shares during the period. ProShare Advisors LLC grew its stake in ImmunityBio by 7.7% during the fourth quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock worth $189,000 after purchasing an additional 5,261 shares during the period. XTX Topco Ltd increased its holdings in ImmunityBio by 5.4% in the first quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock worth $336,000 after purchasing an additional 5,764 shares in the last quarter. Crestwood Advisors Group LLC lifted its stake in ImmunityBio by 37.0% in the first quarter. Crestwood Advisors Group LLC now owns 22,200 shares of the company's stock valued at $67,000 after buying an additional 6,000 shares during the period. Finally, Teacher Retirement System of Texas lifted its stake in ImmunityBio by 20.4% in the fourth quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company's stock valued at $107,000 after buying an additional 7,067 shares during the period. 8.58% of the stock is currently owned by institutional investors and hedge funds.

About ImmunityBio

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.