ImmunityBio (NASDAQ:IBRX) Shares Down 2.9% - Here's What Happened

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s stock price dropped 2.9% on Friday . The stock traded as low as $2.81 and last traded at $2.82. Approximately 1,759,528 shares were traded during 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 topic of several recent analyst reports. BTIG Research initiated coverage on ImmunityBio in a research report on Friday, January 10th. They set a "buy" rating and a $6.00 price target on the stock. D. Boral Capital reissued a "buy" rating and set a $30.00 target price on shares of ImmunityBio in a report on Thursday, March 13th. Finally, HC Wainwright reissued a "buy" rating and set a $8.00 target price on shares of ImmunityBio in a report on Thursday, March 13th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $12.19.

ImmunityBio Stock Performance

The business has a fifty day moving average of $3.08 and a two-hundred day moving average of $3.65. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of -3.04 and a beta of 0.82.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.15) EPS for the quarter, beating analysts' consensus estimates of ($0.26) by $0.11. The firm had revenue of $7.55 million during the quarter, compared to analyst estimates of $8.74 million. As a group, sell-side analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

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Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank grew its holdings in shares of ImmunityBio by 1.5% during the 4th quarter. Swiss National Bank now owns 274,000 shares of the company's stock worth $701,000 after purchasing an additional 4,000 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of ImmunityBio by 7.7% during the 4th quarter. ProShare Advisors LLC now owns 73,773 shares of the company's stock worth $189,000 after purchasing an additional 5,261 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of ImmunityBio by 20.4% during 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 in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of ImmunityBio by 29.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 37,006 shares of the company's stock worth $95,000 after purchasing an additional 8,359 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew 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 worth $74,000 after purchasing an additional 8,380 shares in the last quarter. 8.58% of the stock is owned by institutional investors and hedge funds.

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.