ImmunityBio (NASDAQ:IBRX) Trading Down 8.1%

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) shares dropped 8.1% during mid-day trading on Friday . The stock traded as low as $5.54 and last traded at $5.57. Approximately 1,386,989 shares changed hands during trading, a decline of 65% from the average daily volume of 3,955,388 shares. The stock had previously closed at $6.06.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler boosted their price target on shares of ImmunityBio from $4.00 to $5.00 and gave the company a "neutral" rating in a research report on Monday, March 25th.

ImmunityBio Stock Performance

The firm's 50-day moving average price is $5.06 and its two-hundred day moving average price is $3.90. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of -4.79 and a beta of 1.23.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly earnings results on Tuesday, March 19th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.01). The firm had revenue of $0.14 million for the quarter, compared to analysts' expectations of $0.03 million. As a group, sell-side analysts expect that ImmunityBio, Inc. will post -0.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Armistice Capital LLC purchased a new stake in ImmunityBio during the first quarter worth about $10,549,000. State Street Corp increased its stake in ImmunityBio by 255.9% during the third quarter. State Street Corp now owns 6,649,331 shares of the company's stock worth $33,047,000 after purchasing an additional 4,780,807 shares during the period. Vanguard Group Inc. increased its stake in ImmunityBio by 42.0% during the third quarter. Vanguard Group Inc. now owns 14,675,687 shares of the company's stock worth $24,802,000 after purchasing an additional 4,342,386 shares during the period. BlackRock Inc. increased its stake in ImmunityBio by 36.4% during the second quarter. BlackRock Inc. now owns 9,498,666 shares of the company's stock worth $26,406,000 after purchasing an additional 2,533,147 shares during the period. Finally, Geode Capital Management LLC increased its stake in ImmunityBio by 40.3% during the second quarter. Geode Capital Management LLC now owns 2,730,452 shares of the company's stock worth $7,591,000 after purchasing an additional 784,588 shares during the period. Institutional investors and hedge funds own 8.58% of the company's stock.

ImmunityBio Company Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in discovering, developing, and commercializing next-generation immuno- and cellular therapies for cancer and infectious diseases in the United States and Europe. The company offers immunotherapy and cell therapy platforms, including antibody cytokine fusion protein N-803, vaccine delivery technologies, and natural killer cell therapies.