ImmunityBio (NASDAQ:IBRX) Stock Price Down 6.1% - Here's What Happened

Key Points

• ImmunityBio's stock price decreased by 6.1%, trading as low as $2.81 before closing at $2.83.
• Despite the recent drop, several analysts have issued buy ratings, with target prices ranging from $5.00 to $30.00.
• The company reported a quarterly loss of ($0.15) EPS, missing the consensus estimate, and had revenue of $16.52 million.
• Institutional investors are increasing their stakes, with Vanguard Group raising its investment by 17.4% in the last quarter.

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) traded down 6.1% on Friday . The company traded as low as $2.81 and last traded at $2.83. 7,922,645 shares changed hands during trading, an increase of 4% from the average session volume of 7,623,901 shares. The stock had previously closed at $3.01.

Wall Street Analyst Weigh In

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

ImmunityBio Trading Down 2.8%

The firm has a 50 day moving average of $2.81 and a 200-day moving average of $2.84. The company has a market cap of $2.58 billion, a P/E ratio of -5.03 and a beta of 0.08.

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

Institutional Trading of ImmunityBio

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in ImmunityBio by 17.4% in the 1st quarter. Vanguard Group Inc. now owns 20,344,554 shares of the company's stock worth $61,237,000 after acquiring an additional 3,016,325 shares during the last quarter. Woodline Partners LP increased 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 acquiring an additional 3,002,622 shares during the last quarter. Tang Capital Management LLC bought a new stake in ImmunityBio in the 4th quarter worth approximately $7,204,000. Citigroup Inc. increased its stake in ImmunityBio by 605.9% in the 1st quarter. Citigroup Inc. now owns 2,714,662 shares of the company's stock worth $8,171,000 after acquiring an additional 2,330,086 shares during the last quarter. Finally, Northern Trust Corp increased its stake in ImmunityBio by 7.9% in the 4th quarter. Northern Trust Corp now owns 1,323,424 shares of the company's stock worth $3,388,000 after acquiring an additional 97,348 shares during the last quarter. Institutional investors 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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