ImmunityBio (NASDAQ:IBRX) Stock Price Down 6.2% - Time to Sell?

Key Points

• Shares dropped 6.2% to about $7.69 on Friday with 4.28 million shares traded, an 87% decline from the average session volume of 33.69 million.
• Analysts give an average rating of "Moderate Buy" with an average target price of $14.40 and individual targets ranging roughly from $12 to $23 (1 Strong Buy, 5 Buy, 1 Sell).
• Insiders sold 275,000 shares worth about $2.93 million in the last three months, though insiders still hold 69.48% of the stock while institutional ownership is 8.58%.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s share price fell 6.2% on Friday . The stock traded as low as $7.71 and last traded at $7.6850. 4,279,154 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 33,692,359 shares. The stock had previously closed at $8.19.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IBRX. Piper Sandler restated an "overweight" rating and issued a $12.00 price objective (up from $7.00) on shares of ImmunityBio in a report on Wednesday, March 4th. Weiss Ratings restated a "sell (d-)" rating on shares of ImmunityBio in a report on Tuesday, April 14th. The Goldman Sachs Group restated a "buy" rating on shares of ImmunityBio in a report on Monday, February 23rd. BTIG Research initiated coverage on ImmunityBio in a report on Thursday, March 12th. They issued a "buy" rating and a $13.00 price objective for the company. Finally, D. Boral Capital reaffirmed a "buy" rating and set a $23.00 target price on shares of ImmunityBio in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $14.40.

ImmunityBio Stock Down 6.6%

The business has a 50-day moving average price of $8.12 and a 200-day moving average price of $4.86. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of -20.14 and a beta of 0.13.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its earnings results on Monday, February 23rd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The company had revenue of $38.29 million for the quarter. As a group, sell-side analysts predict that ImmunityBio, Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at ImmunityBio

In related news, Director Christobel Selecky sold 25,000 shares of the company's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Barry J. Simon sold 165,000 shares of the company's stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $10.25, for a total value of $1,691,250.00. Following the transaction, the director directly owned 2,925,821 shares in the company, valued at $29,989,665.25. The trade was a 5.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 275,000 shares of company stock worth $2,934,500 over the last three months. 69.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Slow Capital Inc. acquired a new position in ImmunityBio during the third quarter valued at $25,000. Aaron Wealth Advisors LLC acquired a new position in ImmunityBio during the first quarter valued at $78,000. Mayflower Financial Advisors LLC acquired a new position in ImmunityBio during the first quarter valued at $78,000. Diversify Advisory Services LLC acquired a new position in ImmunityBio during the second quarter valued at $27,000. Finally, Truist Financial Corp acquired a new position in ImmunityBio during the third quarter valued at $27,000. 8.58% of the stock is owned by institutional investors and hedge funds.

ImmunityBio Company Profile

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.