ImmunityBio (NASDAQ:IBRX) Trading Down 10.1% - Time to Sell?

Key Points

• Shares were down 10.1% intraday on Friday, trading as low as $5.94 and last at $5.95 on roughly 39.2 million shares, slightly below its ~42.1 million average daily volume.
• Analyst sentiment is skewed positive with five Buy ratings vs one Sell, a consensus of "Moderate Buy" and an average price target of $11.80 after several recent target upgrades.
• Directors sold stock recently and insiders sold about 226,967 shares in the quarter, though insiders still own 69.48% of the company; ImmunityBio has a market cap of ~$5.86 billion and a negative PE of -14.51.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s share price dropped 10.1% during trading on Friday . The company traded as low as $5.94 and last traded at $5.95. Approximately 39,176,220 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 42,119,613 shares. The stock had previously closed at $6.62.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on IBRX shares. BTIG Research raised their price objective on shares of ImmunityBio from $6.00 to $9.00 and gave the stock a "buy" rating in a research report on Thursday, January 22nd. Weiss Ratings reiterated a "sell (e+)" rating on shares of ImmunityBio in a research note on Monday, December 29th. Jefferies Financial Group boosted their price target on ImmunityBio from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 12th. HC Wainwright upped their price objective on ImmunityBio from $8.00 to $10.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Finally, D. Boral Capital reiterated a "buy" rating and issued a $24.00 target price on shares of ImmunityBio in a research note on Tuesday, January 20th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $11.80.

ImmunityBio Price Performance

The firm has a market capitalization of $5.86 billion, a PE ratio of -14.51 and a beta of 0.16. The company has a 50-day moving average price of $3.88 and a 200-day moving average price of $2.91.

Insider Buying and Selling at ImmunityBio

In other ImmunityBio news, Director Barry J. Simon sold 151,967 shares of ImmunityBio stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total value of $1,094,162.40. Following the completion of the sale, the director owned 3,091,604 shares in the company, valued at $22,259,548.80. The trade was a 4.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christobel Selecky sold 50,000 shares of the business's stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold 226,967 shares of company stock valued at $1,531,912 over the last quarter. Insiders own 69.48% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rafferty Asset Management LLC boosted its stake in shares of ImmunityBio by 34.2% during the 4th quarter. Rafferty Asset Management LLC now owns 607,330 shares of the company's stock worth $1,203,000 after acquiring an additional 154,872 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in ImmunityBio by 8.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,501,666 shares of the company's stock worth $4,953,000 after purchasing an additional 202,206 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of ImmunityBio by 20.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 79,407 shares of the company's stock worth $157,000 after buying an additional 13,313 shares during the period. State Street Corp boosted its holdings in ImmunityBio by 45.4% during the fourth quarter. State Street Corp now owns 16,455,703 shares of the company's stock valued at $32,582,000 after acquiring an additional 5,139,890 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of ImmunityBio by 9.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 461,176 shares of the company's stock valued at $913,000 after acquiring an additional 38,345 shares during the period. Institutional investors and hedge funds own 8.58% of the company's stock.

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.