ImmunityBio (NASDAQ:IBRX) Shares Down 5.1% - Here's Why

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

Analysts Set New Price Targets

Several brokerages have commented on IBRX. HC Wainwright reiterated a "buy" rating and issued a $8.00 price target on shares of ImmunityBio in a research report on Wednesday, June 4th. Piper Sandler raised ImmunityBio from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $4.25 to $5.00 in a research note on Tuesday, May 20th. Finally, D. Boral Capital reaffirmed a "buy" rating and set a $30.00 target price on shares of ImmunityBio in a research report on Tuesday, June 3rd. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, ImmunityBio currently has a consensus rating of "Buy" and an average price target of $12.25.

ImmunityBio Trading Down 5.7%

The company has a 50 day moving average price of $2.67 and a 200 day moving average price of $2.89. The company has a market capitalization of $2.39 billion, a P/E ratio of -4.66 and a beta of 0.14.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The firm had revenue of $16.52 million during the quarter, compared to the consensus estimate of $17.50 million. As a group, sell-side analysts forecast that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Trading of ImmunityBio

Hedge funds have recently bought and sold shares of the business. Swiss National Bank lifted its stake in ImmunityBio by 1.5% during the fourth quarter. Swiss National Bank now owns 274,000 shares of the company's stock worth $701,000 after purchasing an additional 4,000 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of ImmunityBio by 7.7% in the 4th quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock valued at $189,000 after acquiring an additional 5,261 shares during the last quarter. XTX Topco Ltd lifted its stake in shares of ImmunityBio by 5.4% in the 1st quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock valued at $336,000 after acquiring an additional 5,764 shares during the last quarter. Crestwood Advisors Group LLC raised its position in ImmunityBio by 37.0% during the 1st quarter. Crestwood Advisors Group LLC now owns 22,200 shares of the company's stock valued at $67,000 after purchasing an additional 6,000 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in shares of ImmunityBio by 20.4% during the 4th quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company's stock worth $107,000 after acquiring an additional 7,067 shares during the period. 8.58% of the stock is currently owned by institutional investors.

ImmunityBio Company 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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