ImmunityBio (NASDAQ:IBRX) Shares Down 3.9% – Here’s What Happened

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price fell 3.9% on Wednesday . The stock traded as low as $5.13 and last traded at $5.14. 529,559 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,960,315 shares. The stock had previously closed at $5.35.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IBRX. EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a report on Wednesday, October 23rd. Piper Sandler lowered their price objective on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a research report on Monday, August 19th.

ImmunityBio Stock Up 4.5 %

The firm has a market cap of $3.55 billion, a P/E ratio of -5.54 and a beta of 0.99. The business’s 50 day moving average is $4.24 and its two-hundred day moving average is $5.21.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in ImmunityBio by 1.6% in the first quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock worth $72,708,000 after purchasing an additional 211,065 shares in the last quarter. State Street Corp lifted its position in shares of ImmunityBio by 10.1% during the 3rd quarter. State Street Corp now owns 8,654,460 shares of the company’s stock valued at $32,195,000 after acquiring an additional 790,408 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in ImmunityBio by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,265,981 shares of the company’s stock worth $4,709,000 after acquiring an additional 29,665 shares in the last quarter. Bank of New York Mellon Corp grew 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 during the period. Finally, Clearwater Capital Advisors LLC increased its stake in ImmunityBio by 8.9% in the second quarter. Clearwater Capital Advisors LLC now owns 482,549 shares of the company’s stock valued at $3,050,000 after purchasing an additional 39,250 shares in the last quarter. 8.58% of the stock is 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.