ImmunityBio (NASDAQ:IBRX) Shares Down 4.4% - Should You Sell?

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) shares dropped 4.4% on Tuesday . The company traded as low as $2.53 and last traded at $2.52. Approximately 2,347,055 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 5,516,754 shares. The stock had previously closed at $2.63.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. BTIG Research assumed coverage on shares of ImmunityBio in a research report on Friday, January 10th. They issued a "buy" rating and a $6.00 target price on the stock. D. Boral Capital reiterated a "buy" rating and issued a $30.00 price objective on shares of ImmunityBio in a report on Wednesday, April 23rd. Finally, HC Wainwright reissued a "buy" rating and issued a $8.00 target price on shares of ImmunityBio in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $12.19.

ImmunityBio Trading Up 2.0 %

The business's fifty day simple moving average is $2.78 and its 200-day simple moving average is $3.43. The firm has a market cap of $2.17 billion, a P/E ratio of -2.76 and a beta of 0.51.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates of ($0.26) by $0.11. The firm had revenue of $7.55 million for the quarter, compared to analysts' expectations of $8.74 million. Analysts anticipate that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On ImmunityBio

Several hedge funds have recently made changes to their positions in the business. Stephens Inc. AR bought a new stake in ImmunityBio in the fourth quarter valued at $26,000. Thrive Wealth Management LLC purchased a new stake in shares of ImmunityBio in the 1st quarter worth about $30,000. Slow Capital Inc. bought a new stake in shares of ImmunityBio during the 1st quarter valued at about $30,000. Xponance Inc. purchased a new position in shares of ImmunityBio during the first quarter valued at about $33,000. Finally, Cibc World Markets Corp bought a new position in ImmunityBio in the fourth quarter worth about $35,000. 8.58% of the stock is owned by hedge funds and other 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.