ImmunityBio (NASDAQ:IBRX) Shares Down 2.9% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price dropped 2.9% during mid-day trading on Friday . The stock traded as low as $2.81 and last traded at $2.82. Approximately 1,759,528 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 6,080,779 shares. The stock had previously closed at $2.90.

Analyst Ratings Changes

IBRX has been the subject of several recent research reports. BTIG Research started coverage on shares of ImmunityBio in a report on Friday, January 10th. They set a “buy” rating and a $6.00 target price for the company. D. Boral Capital reiterated a “buy” rating and set a $30.00 price objective on shares of ImmunityBio in a research note on Thursday. Finally, HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of ImmunityBio in a research note on Thursday. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $12.19.

ImmunityBio Price Performance

The company has a market cap of $2.45 billion, a P/E ratio of -3.11 and a beta of 0.82. The company’s 50-day moving average is $3.07 and its two-hundred day moving average is $3.67.

ImmunityBio (NASDAQ:IBRX) last issued its earnings results on Monday, March 3rd. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.11. The business had revenue of $7.55 million for the quarter, compared to analysts’ expectations of $8.74 million. Equities research analysts anticipate that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Hedge Funds Weigh In On ImmunityBio

A number of hedge funds have recently bought and sold shares of IBRX. Swiss National Bank grew its stake in shares of ImmunityBio by 1.5% in the fourth quarter. Swiss National Bank now owns 274,000 shares of the company’s stock worth $701,000 after acquiring an additional 4,000 shares during the period. ProShare Advisors LLC boosted its holdings in ImmunityBio by 7.7% in the fourth quarter. ProShare Advisors LLC now owns 73,773 shares of the company’s stock worth $189,000 after purchasing an additional 5,261 shares during the last quarter. Teacher Retirement System of Texas grew its position in ImmunityBio by 20.4% in the 4th quarter. Teacher Retirement System of Texas now owns 41,742 shares of the company’s stock worth $107,000 after purchasing an additional 7,067 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in ImmunityBio by 29.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 37,006 shares of the company’s stock valued at $95,000 after buying an additional 8,359 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of ImmunityBio by 40.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 28,955 shares of the company’s stock valued at $74,000 after buying an additional 8,380 shares during the period. 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.