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

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $3.19, but opened at $3.03. ImmunityBio shares last traded at $3.07, with a volume of 1,865,307 shares.

Wall Street Analyst Weigh In

IBRX has been the topic of a number of recent analyst reports. HC Wainwright restated a "buy" rating and issued a $8.00 target price on shares of ImmunityBio in a research note on Wednesday, June 4th. Piper Sandler raised ImmunityBio from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $4.25 to $5.00 in a report on Tuesday, May 20th. Finally, D. Boral Capital reiterated a "buy" rating and issued a $30.00 price target 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 issued a strong buy rating to the company. Based on data from MarketBeat, ImmunityBio presently has an average rating of "Buy" and a consensus target price of $12.25.

ImmunityBio Stock Up 2.0%

The firm's 50 day moving average is $2.63 and its two-hundred day moving average is $2.95. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -3.40 and a beta of 0.14.

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

Institutional Investors Weigh In On ImmunityBio

Hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank boosted its position in ImmunityBio by 1.5% during the 4th quarter. Swiss National Bank now owns 274,000 shares of the company's stock worth $701,000 after acquiring an additional 4,000 shares during the period. ProShare Advisors LLC raised its stake in shares of ImmunityBio by 7.7% during the fourth quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock valued at $189,000 after purchasing an additional 5,261 shares in the last quarter. XTX Topco Ltd lifted 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 during the period. Crestwood Advisors Group LLC grew its position in ImmunityBio by 37.0% in the 1st 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 in the last quarter. Finally, Teacher Retirement System of Texas increased its stake in ImmunityBio by 20.4% during the 4th 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.

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.