ImmunityBio (NASDAQ:IBRX) Stock Price Down 2.9% – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX) shares were down 2.9% on Friday . The stock traded as low as $2.81 and last traded at $2.82. Approximately 1,759,528 shares traded 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 Upgrades and Downgrades

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

ImmunityBio Trading Down 1.2 %

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

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.11. The business had revenue of $7.55 million for 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 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Stephens Inc. AR bought a new stake in shares of ImmunityBio during the fourth quarter valued at approximately $26,000. Cibc World Markets Corp purchased a new position in ImmunityBio during the fourth quarter valued at $35,000. Maia Wealth LLC bought a new stake in ImmunityBio in the 4th quarter valued at $37,000. GF Fund Management CO. LTD. purchased a new stake in ImmunityBio in the 4th quarter worth $37,000. Finally, Schechter Investment Advisors LLC bought a new position in shares of ImmunityBio during the 4th quarter valued at about $38,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

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.