ImmunityBio (NASDAQ:IBRX) Shares Down 6% – Should You Sell?

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price was down 6% on Wednesday . The stock traded as low as $5.56 and last traded at $5.5950. Approximately 10,161,692 shares traded hands during trading, a decline of 81% from the average daily volume of 53,490,465 shares. The stock had previously closed at $5.95.

Analysts Set New Price Targets

Several analysts recently issued reports on IBRX shares. BTIG Research increased their price target on ImmunityBio from $6.00 to $9.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. Piper Sandler raised their target price on ImmunityBio from $5.00 to $7.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Jefferies Financial Group boosted their price target on ImmunityBio from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $24.00 price objective on shares of ImmunityBio in a research report on Tuesday, January 20th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, ImmunityBio presently has an average rating of “Moderate Buy” and an average price target of $11.80.

ImmunityBio Trading Down 1.0%

The stock has a market capitalization of $5.80 billion, a P/E ratio of -14.33 and a beta of 0.03. The stock’s 50 day simple moving average is $2.90 and its 200 day simple moving average is $2.62.

ImmunityBio (NASDAQ:IBRX) last issued its earnings results on Wednesday, November 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. The company had revenue of $32.06 million during the quarter, compared to analyst estimates of $31.88 million. On average, sell-side analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Insider Activity at ImmunityBio

In related news, Director Christobel Selecky sold 25,000 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $7.51, for a total transaction of $187,750.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Barry J. Simon sold 151,967 shares of ImmunityBio 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 transaction, the director directly owned 3,091,604 shares of the company’s stock, valued at approximately $22,259,548.80. This represents a 4.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 226,967 shares of company stock worth $1,531,912. Corporate insiders own 69.48% of the company’s stock.

Institutional Trading of ImmunityBio

Hedge funds and other institutional investors have recently modified their holdings of the company. Slow Capital Inc. acquired a new position in shares of ImmunityBio in the third quarter worth about $25,000. Envision Financial Planning LLC acquired a new position in ImmunityBio in the second quarter worth approximately $28,000. Summit X LLC acquired a new position in shares of ImmunityBio during the 2nd quarter worth $28,000. Diversify Advisory Services LLC bought a new stake in shares of ImmunityBio during the 2nd quarter worth about $27,000. Finally, Truist Financial Corp acquired a new position in ImmunityBio during the third quarter valued at approximately $27,000. Institutional investors own 8.58% of the company’s stock.

ImmunityBio Company Profile

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.