ImmunityBio (NASDAQ:IBRX) Stock Price Down 5.5% - Should You Sell?

Key Points

• ImmunityBio's stock experienced a drop of 5.5% on Thursday, trading as low as $2.66, with a significant decline in trading volume of 77% from its average.
• Despite the recent dip, analysts have maintained a positive outlook, with a consensus rating of "Buy" and target prices ranging from $5.00 to $24.00.
• The company reported earnings of ($0.10) per share, meeting expectations, and achieved revenue of $26.43 million, exceeding the consensus estimate of $21.95 million.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s share price was down 5.5% during mid-day trading on Thursday . The stock traded as low as $2.66 and last traded at $2.67. Approximately 1,807,534 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 7,772,629 shares. The stock had previously closed at $2.82.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on IBRX shares. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 target price on shares of ImmunityBio in a report on Wednesday, June 4th. D. Boral Capital reissued a "buy" rating and set a $24.00 price objective on shares of ImmunityBio in a report on Thursday. Finally, Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $4.25 to $5.00 in a report on Tuesday, May 20th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $10.75.

ImmunityBio Price Performance

The company's 50-day simple moving average is $2.75 and its 200 day simple moving average is $2.80. The firm has a market cap of $2.30 billion, a P/E ratio of -5.07 and a beta of 0.12.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). The business had revenue of $26.43 million for the quarter, compared to the consensus estimate of $21.95 million. Analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

Several hedge funds and other institutional investors have recently made changes to their positions in IBRX. Slow Capital Inc. purchased a new position in ImmunityBio in the 1st quarter worth about $30,000. Financial Enhancement Group LLC purchased a new position in ImmunityBio in the 2nd quarter worth about $28,000. Compound Planning Inc. purchased a new position in ImmunityBio in the 1st quarter worth about $30,000. Thrive Wealth Management LLC bought a new position in ImmunityBio during the 1st quarter worth about $30,000. Finally, Envision Financial Planning LLC bought a new position in ImmunityBio during the 2nd quarter worth about $28,000. Hedge funds and other institutional investors own 8.58% of the company's stock.

ImmunityBio Company Profile

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.