ImmunityBio (NASDAQ:IBRX) Stock Price Down 8.9% - Should You Sell?

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. BTIG Research assumed coverage on shares of ImmunityBio in a research report on Friday, January 10th. They set a "buy" rating and a $6.00 target price for the company. D. Boral Capital reiterated a "buy" rating and set a $30.00 price objective on shares of ImmunityBio in a research report on Monday. Finally, HC Wainwright restated a "buy" rating and issued 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 assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $12.19.

ImmunityBio Stock Down 1.7 %

The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -3.22 and a beta of 0.82. The company has a 50 day simple moving average of $3.13 and a 200-day simple moving average of $3.60.

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

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Institutional Trading of ImmunityBio

Several large investors have recently made changes to their positions in IBRX. Vanguard Group Inc. boosted its holdings in ImmunityBio by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 17,328,229 shares of the company's stock worth $44,360,000 after acquiring an additional 425,713 shares in the last quarter. State Street Corp raised its position in shares of ImmunityBio by 10.1% during the third quarter. State Street Corp now owns 8,654,460 shares of the company's stock worth $32,195,000 after purchasing an additional 790,408 shares during the period. Woodline Partners LP lifted its holdings in shares of ImmunityBio by 682.7% in the 4th 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. Tang Capital Management LLC acquired a new stake in ImmunityBio in the 4th quarter valued at $7,204,000. Finally, Northern Trust Corp raised its holdings in ImmunityBio by 7.9% during the fourth quarter. Northern Trust Corp now owns 1,323,424 shares of the company's stock worth $3,388,000 after buying an additional 97,348 shares during the last quarter. 8.58% of the stock is currently 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.