ImmunityBio (NASDAQ:IBRX) Stock Price Down 4.4% - Time to Sell?

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price objective on shares of ImmunityBio in a report on Monday. D. Boral Capital reissued a "buy" rating and set a $30.00 price target on shares of ImmunityBio in a research note on Wednesday, April 23rd. Finally, BTIG Research started coverage on shares of ImmunityBio in a report on Friday, January 10th. They set a "buy" rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ImmunityBio currently has a consensus rating of "Buy" and a consensus target price of $12.19.

ImmunityBio Trading Down 5.3 %

The stock has a market cap of $2.13 billion, a price-to-earnings ratio of -2.71 and a beta of 0.51. The business's fifty day simple moving average is $2.84 and its 200 day simple moving average is $3.46.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.11. The firm had revenue of $7.55 million during the quarter, compared to analyst estimates of $8.74 million. As a group, research analysts anticipate that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On ImmunityBio

Several institutional investors and hedge funds have recently made changes to their positions in the company. Woodline Partners LP boosted its stake in ImmunityBio by 682.7% in the 4th quarter. Woodline Partners LP now owns 3,442,440 shares of the company's stock worth $8,813,000 after purchasing an additional 3,002,622 shares during the period. Tang Capital Management LLC acquired a new position in ImmunityBio in the 4th quarter worth $7,204,000. Altium Capital Management LLC acquired a new position in ImmunityBio in the 4th quarter worth $2,714,000. Ghisallo Capital Management LLC bought a new stake in ImmunityBio during the 4th quarter worth about $1,280,000. Finally, Vanguard Group Inc. lifted its position in ImmunityBio by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company's stock worth $44,360,000 after buying an additional 425,713 shares in the last quarter. Institutional investors and hedge funds own 8.58% of the company's stock.

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.

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