ImmunityBio (NASDAQ:IBRX) Stock Price Down 5.2% - What's Next?

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) dropped 5.2% on Tuesday . The company traded as low as $2.32 and last traded at $2.35. Approximately 909,176 shares changed hands during trading, a decline of 79% from the average daily volume of 4,314,528 shares. The stock had previously closed at $2.48.

Analyst Ratings Changes

A number of equities analysts recently issued reports on IBRX shares. BTIG Research initiated coverage on shares of ImmunityBio in a research report on Friday, January 10th. They issued a "buy" rating and a $6.00 target price for the company. D. Boral Capital reaffirmed a "buy" rating and issued a $30.00 price target on shares of ImmunityBio in a research note on Thursday. Finally, EF Hutton Acquisition Co. I upgraded shares of ImmunityBio to a "strong-buy" rating in a research note on Wednesday, October 23rd.

ImmunityBio Price Performance

The business has a fifty day moving average of $3.78 and a 200-day moving average of $4.26. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -3.30 and a beta of 0.86.

Hedge Funds Weigh In On ImmunityBio

Several hedge funds have recently made changes to their positions in IBRX. Victory Capital Management Inc. boosted its holdings in ImmunityBio by 16.0% during the second quarter. Victory Capital Management Inc. now owns 19,953 shares of the company's stock worth $126,000 after buying an additional 2,746 shares in the last quarter. Wealth Effects LLC lifted its position in shares of ImmunityBio by 3.4% during the 3rd quarter. Wealth Effects LLC now owns 90,500 shares of the company's stock valued at $337,000 after acquiring an additional 3,000 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of ImmunityBio by 8.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 47,984 shares of the company's stock worth $178,000 after acquiring an additional 3,722 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of ImmunityBio by 22.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company's stock worth $99,000 after acquiring an additional 4,545 shares during the last quarter. Finally, Courier Capital LLC raised its position in shares of ImmunityBio by 50.0% during the third quarter. Courier Capital LLC now owns 30,000 shares of the company's stock worth $112,000 after purchasing an additional 10,000 shares during the period. Institutional investors and hedge funds own 8.58% of the company's stock.

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.

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