ImmunityBio (NASDAQ:IBRX) Stock Price Down 6.1% - What's Next?

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% during mid-day trading on Friday . The stock traded as low as $2.81 and last traded at $2.83. 7,922,645 shares were traded 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 Analysts Forecast Growth

Several equities analysts have issued reports on the company. D. Boral Capital reaffirmed a "buy" rating and set a $30.00 price objective on shares of ImmunityBio in a report on Friday. Piper Sandler upgraded shares of ImmunityBio from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $4.25 to $5.00 in a research note on Tuesday, May 20th. Finally, HC Wainwright reiterated a "buy" rating and set a $8.00 target price on shares of ImmunityBio in a research note on Wednesday, June 4th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $12.25.

ImmunityBio Price Performance

The stock has a market cap of $2.24 billion, a price-to-earnings ratio of -4.38 and a beta of 0.08. The stock's 50-day moving average is $2.81 and its 200 day moving average is $2.85.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.03). The company had revenue of $16.52 million for the quarter, compared to analysts' expectations of $17.50 million. Analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Institutional Investors Weigh In On ImmunityBio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN lifted its position 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 valued at $355,000 after acquiring an additional 32,334 shares during the period. Altium Capital Management LLC acquired a new stake in shares of ImmunityBio during the 4th quarter valued at approximately $2,714,000. Vanguard Group Inc. lifted its position 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 valued at $44,360,000 after acquiring an additional 425,713 shares during the period. Barclays PLC lifted its position in shares of ImmunityBio by 9.8% during the 4th quarter. Barclays PLC now owns 396,484 shares of the company's stock valued at $1,015,000 after acquiring an additional 35,448 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of ImmunityBio by 4.1% during the 4th quarter. Alliancebernstein L.P. now owns 214,030 shares of the company's stock valued at $548,000 after acquiring an additional 8,500 shares during the period. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.