ImmunityBio (NASDAQ:IBRX) Trading Down 1.9% - Should You Sell?

Key Points

• Shares traded down 1.9% to $6.13 on Monday with ~24.19M shares changing hands (about 52% below the average daily volume); the company has a market cap of $6.04B and a negative P/E.
• Analysts show a consensus of “Moderate Buy” (five Buys, one Sell) with a consensus price target of $11.80, and several firms recently raised their targets toward the $7–$9 range.
• Insider selling has been notable: directors sold sizable stakes (50,000 shares at $5.00 and 151,967 shares at $7.20), with insiders owning 69.48% and 226,967 shares (~$1.53M) sold in the past 90 days.

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) were down 1.9% on Monday . The company traded as low as $5.93 and last traded at $6.13. Approximately 24,189,804 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 50,774,379 shares. The stock had previously closed at $6.25.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of ImmunityBio in a research report on Monday, December 29th. D. Boral Capital reaffirmed a "buy" rating and issued a $24.00 price objective on shares of ImmunityBio in a report on Tuesday, January 20th. Jefferies Financial Group increased their price objective on shares of ImmunityBio from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, December 12th. Piper Sandler boosted their target price on shares of ImmunityBio from $5.00 to $7.00 and gave the company an "overweight" rating in a research report on Tuesday, January 20th. Finally, BTIG Research upped their price target on shares of ImmunityBio from $6.00 to $9.00 and gave the company a "buy" rating in a report on Thursday, January 22nd. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $11.80.

ImmunityBio Stock Performance

The firm has a market capitalization of $6.04 billion, a PE ratio of -14.95 and a beta of 0.14. The firm's 50 day moving average price is $3.14 and its 200-day moving average price is $2.69.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.03. The business had revenue of $32.06 million during the quarter, compared to analyst estimates of $31.88 million. On average, equities research analysts expect that ImmunityBio, Inc. will post -0.92 earnings per share for the current fiscal year.

Insider Activity at ImmunityBio

In other news, Director Christobel Selecky sold 50,000 shares of the stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Barry J. Simon sold 151,967 shares of the business's stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total transaction of $1,094,162.40. Following the completion of the sale, the director directly owned 3,091,604 shares of the company's stock, valued at approximately $22,259,548.80. The trade was a 4.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 226,967 shares of company stock valued at $1,531,912. Corporate insiders own 69.48% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IBRX. Slow Capital Inc. purchased a new position in ImmunityBio in the 3rd quarter valued at about $25,000. Truist Financial Corp acquired a new position in shares of ImmunityBio during the third quarter valued at approximately $27,000. Swiss Life Asset Management Ltd purchased a new position in shares of ImmunityBio in the third quarter valued at approximately $27,000. Diversify Advisory Services LLC acquired a new stake in shares of ImmunityBio in the second quarter worth approximately $27,000. Finally, Summit X LLC purchased a new stake in shares of ImmunityBio during the second quarter worth approximately $28,000. Institutional investors and hedge funds own 8.58% of the company's stock.

About ImmunityBio

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.