ImmunityBio (NASDAQ:IBRX) Stock Price Down 2.1% - Here's What Happened

Key Points

• Shares of ImmunityBio were down 2.1%, trading as low as $8.02 and last at $8.21 on Monday with volume of 16.49M (about 60% below the 41.05M average); market cap is roughly $8.44B and the stock sits above its 50‑day ($6.62) and 200‑day ($3.84) SMAs.
• Several firms raised ratings/targets (Goldman Sachs reiterated buy; Jefferies to $9; HC Wainwright to $15; Piper Sandler to $12), leaving a consensus of Moderate Buy and an average price target of $14.40.
• Directors have been selling recently (Barry J. Simon sold 75,000 shares at $12; Christobel Selecky sold 25,000 at $10; ~501,967 insider shares sold in the past 90 days) though insiders still own 69.48%; the company also beat the quarter with EPS -$0.06 vs. -$0.08 and revenue of $38.29M.

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) traded down 2.1% during trading on Monday . The stock traded as low as $8.02 and last traded at $8.21. 16,491,684 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 41,046,352 shares. The stock had previously closed at $8.39.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. The Goldman Sachs Group restated a "buy" rating on shares of ImmunityBio in a report on Monday, February 23rd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of ImmunityBio in a research note on Monday, December 29th. Jefferies Financial Group lifted their target price on shares of ImmunityBio from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 12th. HC Wainwright boosted their target price on shares of ImmunityBio from $10.00 to $15.00 and gave the company a "buy" rating in a report on Monday, February 23rd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $12.00 price target (up from $7.00) on shares of ImmunityBio in a research report on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $14.40.

ImmunityBio Stock Performance

The stock has a market capitalization of $8.44 billion, a P/E ratio of -21.61 and a beta of -0.04. The business has a fifty day simple moving average of $6.62 and a 200-day simple moving average of $3.84.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported ($0.06) earnings per share 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, sell-side analysts anticipate that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Insider Buying and Selling at ImmunityBio

In other news, Director Barry J. Simon sold 75,000 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $12.01, for a total transaction of $900,750.00. Following the transaction, the director owned 2,850,821 shares in the company, valued at approximately $34,238,360.21. This represents a 2.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christobel Selecky sold 25,000 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 501,967 shares of company stock valued at $4,466,412. Insiders own 69.48% of the company's stock.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds have recently added to or reduced their stakes in IBRX. Mariner LLC raised its position in shares of ImmunityBio by 10.5% during the fourth quarter. Mariner LLC now owns 17,814 shares of the company's stock worth $35,000 after purchasing an additional 1,689 shares during the period. Sanctuary Advisors LLC grew its position in ImmunityBio by 6.9% in the 4th quarter. Sanctuary Advisors LLC now owns 29,547 shares of the company's stock valued at $59,000 after purchasing an additional 1,918 shares during the period. Sequoia Financial Advisors LLC increased its stake in ImmunityBio by 8.6% during the 4th quarter. Sequoia Financial Advisors LLC now owns 28,783 shares of the company's stock valued at $57,000 after purchasing an additional 2,271 shares in the last quarter. Mutual Advisors LLC increased its stake in ImmunityBio by 9.0% during the 4th quarter. Mutual Advisors LLC now owns 30,200 shares of the company's stock valued at $60,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in ImmunityBio by 4.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 75,776 shares of the company's stock worth $150,000 after buying an additional 3,280 shares during the last quarter. Institutional investors and hedge funds own 8.58% of the company's stock.

ImmunityBio Company Profile

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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