ImmunityBio (NASDAQ:IBRX) Stock Price Down 5.4% – Should You Sell?

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price fell 5.4% during trading on Thursday . The stock traded as low as $7.81 and last traded at $7.82. 14,544,397 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 41,771,363 shares. The stock had previously closed at $8.27.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. HC Wainwright raised their price objective on ImmunityBio from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, February 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $12.00 target price (up from $7.00) on shares of ImmunityBio in a research report on Wednesday, March 4th. The Goldman Sachs Group reiterated a “buy” rating on shares of ImmunityBio in a research report on Monday, February 23rd. Finally, BTIG Research initiated coverage on ImmunityBio in a report on Thursday. They set a “buy” rating and a $13.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $14.40.

ImmunityBio Stock Down 5.4%

The business has a 50-day moving average of $6.37 and a 200-day moving average of $3.75. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of -20.58 and a beta of -0.03.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings data on Monday, March 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The business had revenue of $38.29 million for the quarter. Equities analysts anticipate that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Christobel Selecky sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Barry J. Simon sold 165,000 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $10.25, for a total transaction of $1,691,250.00. Following the completion of the sale, the director directly owned 2,925,821 shares in the company, valued at $29,989,665.25. This trade represents a 5.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 501,967 shares of company stock worth $4,466,412 in the last ninety days. 69.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ImmunityBio

Institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in ImmunityBio by 193.4% during the first quarter. AQR Capital Management LLC now owns 44,448 shares of the company’s stock worth $134,000 after buying an additional 29,297 shares during the last quarter. Rathbones Group PLC grew its holdings in ImmunityBio by 21.5% during the 2nd quarter. Rathbones Group PLC now owns 117,420 shares of the company’s stock worth $310,000 after acquiring an additional 20,800 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of ImmunityBio by 21.4% in the second quarter. ProShare Advisors LLC now owns 80,128 shares of the company’s stock valued at $212,000 after purchasing an additional 14,105 shares in the last quarter. SBI Securities Co. Ltd. raised its position in shares of ImmunityBio by 824.1% during the second quarter. SBI Securities Co. Ltd. now owns 118,069 shares of the company’s stock worth $312,000 after acquiring an additional 105,292 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of ImmunityBio by 1,104.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 13,815 shares of the company’s stock valued at $36,000 after purchasing an additional 12,668 shares during the last quarter. Institutional investors and hedge funds 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.