ImmunityBio (NASDAQ:IBRX) Trading Down 5.5% - Here's What Happened

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) traded down 5.5% during mid-day trading on Thursday . The stock traded as low as $2.66 and last traded at $2.67. 1,807,534 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 7,772,629 shares. The stock had previously closed at $2.82.

Wall Street Analyst Weigh In

IBRX has been the topic of a number of recent analyst reports. D. Boral Capital reaffirmed a "buy" rating and set a $24.00 price target on shares of ImmunityBio in a research report on Thursday, August 14th. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price objective on shares of ImmunityBio in a research report on Wednesday, June 4th. Finally, Piper Sandler raised shares of ImmunityBio from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $4.25 to $5.00 in a research report on Tuesday, May 20th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $10.75.

ImmunityBio Price Performance

The stock's fifty day moving average price is $2.71 and its 200-day moving average price is $2.79. The firm has a market cap of $2.16 billion, a PE ratio of -4.75 and a beta of 0.12.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). The firm had revenue of $26.43 million for the quarter, compared to analysts' expectations of $21.95 million. On average, sell-side analysts anticipate that ImmunityBio, Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Trading of ImmunityBio

Hedge funds and other institutional investors have recently bought and sold shares of the business. Thrive Wealth Management LLC boosted its position in shares of ImmunityBio by 49.3% during the 2nd quarter. Thrive Wealth Management LLC now owns 15,041 shares of the company's stock worth $40,000 after acquiring an additional 4,964 shares in the last quarter. Courier Capital LLC boosted its holdings in shares of ImmunityBio by 12.5% in the 2nd quarter. Courier Capital LLC now owns 45,000 shares of the company's stock valued at $119,000 after buying an additional 5,000 shares in the last quarter. Creative Planning grew its position in shares of ImmunityBio by 9.2% in the 2nd quarter. Creative Planning now owns 62,028 shares of the company's stock valued at $164,000 after buying an additional 5,231 shares during the last quarter. ProShare Advisors LLC grew its position in shares of ImmunityBio by 7.7% in the 4th quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock valued at $189,000 after buying an additional 5,261 shares during the last quarter. Finally, XTX Topco Ltd lifted its position in ImmunityBio by 5.4% in the first quarter. XTX Topco Ltd now owns 111,647 shares of the company's stock valued at $336,000 after acquiring an additional 5,764 shares during the last quarter. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.