ImmunityBio (NASDAQ:IBRX) Shares Down 5.6% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX) fell 5.6% during mid-day trading on Tuesday . The company traded as low as $2.88 and last traded at $2.89. 1,492,134 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 5,018,983 shares. The stock had previously closed at $3.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. EF Hutton Acquisition Co. I raised shares of ImmunityBio to a “strong-buy” rating in a report on Wednesday, October 23rd. D. Boral Capital reiterated a “buy” rating and set a $30.00 price target on shares of ImmunityBio in a report on Thursday, November 21st.

ImmunityBio Stock Up 0.8 %

The firm has a 50 day moving average price of $4.52 and a two-hundred day moving average price of $4.78. The company has a market cap of $1.86 billion, a price-to-earnings ratio of -2.90 and a beta of 0.86.

Institutional Investors Weigh In On ImmunityBio

Several large investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in ImmunityBio by 37.9% in the second quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock worth $3,928,000 after purchasing an additional 170,742 shares in the last quarter. CIBC Asset Management Inc acquired a new position in shares of ImmunityBio during the 2nd quarter valued at $118,000. Rhumbline Advisers boosted its stake in ImmunityBio by 13.3% during the second quarter. Rhumbline Advisers now owns 211,677 shares of the company’s stock worth $1,338,000 after acquiring an additional 24,802 shares in the last quarter. Wealth Effects LLC increased its stake in ImmunityBio by 33.6% in the second quarter. Wealth Effects LLC now owns 87,500 shares of the company’s stock valued at $553,000 after purchasing an additional 22,000 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of ImmunityBio by 16.0% during the second quarter. Victory Capital Management Inc. now owns 19,953 shares of the company’s stock valued at $126,000 after purchasing an additional 2,746 shares during the period. 8.58% of the stock is currently owned by institutional investors and hedge funds.

About ImmunityBio

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.