ImmunityBio (NASDAQ:IBRX) Trading Down 5.9% - What's Next?

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) traded down 5.9% on Tuesday . The company traded as low as $2.97 and last traded at $2.95. 1,828,019 shares traded hands during trading, a decline of 70% from the average session volume of 6,036,508 shares. The stock had previously closed at $3.13.

Wall Street Analyst Weigh In

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

ImmunityBio Price Performance

The company has a market cap of $2.53 billion, a P/E ratio of -4.95 and a beta of 0.14. The company's 50-day moving average is $2.67 and its two-hundred day moving average is $2.91.

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 for the quarter, compared to analyst estimates of $17.50 million. Equities research analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN boosted its stake in shares of ImmunityBio by 30.4% during the 4th quarter. Wells Fargo & Company MN now owns 138,605 shares of the company's stock worth $355,000 after acquiring an additional 32,334 shares during the last quarter. Altium Capital Management LLC purchased a new position in shares of ImmunityBio during the 4th quarter worth $2,714,000. Vanguard Group Inc. boosted its stake in shares of 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 acquiring an additional 425,713 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of ImmunityBio by 71.2% during the 4th quarter. Handelsbanken Fonder AB now owns 92,300 shares of the company's stock worth $236,000 after acquiring an additional 38,400 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of ImmunityBio by 9.8% during the 4th quarter. Barclays PLC now owns 396,484 shares of the company's stock worth $1,015,000 after acquiring an additional 35,448 shares during the last quarter. Hedge funds and other institutional investors own 8.58% of the company's stock.

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.