ImmunityBio (NASDAQ:IBRX) Shares Down 8.9% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price traded down 8.9% during mid-day trading on Friday . The company traded as low as $3.12 and last traded at $3.06. 3,529,433 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 5,524,018 shares. The stock had previously closed at $3.36.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on IBRX. BTIG Research initiated coverage on ImmunityBio in a research report on Friday, January 10th. They set a “buy” rating and a $6.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $8.00 price objective on shares of ImmunityBio in a research report on Thursday, March 13th. Finally, D. Boral Capital restated a “buy” rating and issued a $30.00 target price on shares of ImmunityBio in a report on Thursday, March 13th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $12.19.

ImmunityBio Price Performance

The company has a 50-day simple moving average of $3.12 and a 200-day simple moving average of $3.60. The firm has a market cap of $2.63 billion, a PE ratio of -3.34 and a beta of 0.82.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $8.74 million. As a group, equities research analysts predict that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. bought a new position in ImmunityBio in the 4th quarter worth about $37,000. Waverly Advisors LLC purchased a new stake in shares of ImmunityBio in the fourth quarter valued at approximately $38,000. Woodline Partners LP grew its stake in ImmunityBio by 682.7% in the fourth quarter. Woodline Partners LP now owns 3,442,440 shares of the company’s stock worth $8,813,000 after purchasing an additional 3,002,622 shares in the last quarter. Wexford Capital LP purchased a new position in ImmunityBio during the 4th quarter worth $85,000. Finally, Two Sigma Investments LP bought a new stake in ImmunityBio during the 4th quarter valued at $72,000. 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.