ImmunityBio (NASDAQ:IBRX) Stock Price Down 6.3% - Should You Sell?

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s stock price dropped 6.3% during mid-day trading on Wednesday . The stock traded as low as $2.61 and last traded at $2.61. Approximately 1,235,181 shares were traded during trading, a decline of 81% from the average daily volume of 6,446,545 shares. The stock had previously closed at $2.78.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. HC Wainwright reissued a "buy" rating and issued a $8.00 target price on shares of ImmunityBio in a research note on Wednesday. D. Boral Capital reaffirmed a "buy" rating and issued a $30.00 target price on shares of ImmunityBio in a research note on Tuesday. Finally, BTIG Research started coverage on shares of ImmunityBio in a research note on Friday, January 10th. They set a "buy" rating and a $6.00 price target for the company. One 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, ImmunityBio has a consensus rating of "Buy" and a consensus price target of $12.19.

ImmunityBio Trading Down 0.4 %

The firm's 50 day moving average is $2.95 and its two-hundred day moving average is $3.50. The firm has a market cap of $2.11 billion, a P/E ratio of -2.68 and a beta of 0.51.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released 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 the consensus estimate of $8.74 million. Analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Courier Capital LLC lifted its position in ImmunityBio by 33.3% in the 1st quarter. Courier Capital LLC now owns 40,000 shares of the company's stock valued at $120,000 after acquiring an additional 10,000 shares in the last quarter. Thrive Wealth Management LLC acquired a new position in shares of ImmunityBio during the first quarter worth about $30,000. Rhumbline Advisers boosted its position in shares of ImmunityBio by 5.6% during the first quarter. Rhumbline Advisers now owns 219,360 shares of the company's stock worth $660,000 after buying an additional 11,573 shares during the period. Collective Family Office LLC boosted its stake in shares of ImmunityBio by 17.3% during the 1st quarter. Collective Family Office LLC now owns 104,170 shares of the company's stock worth $314,000 after buying an additional 15,340 shares during the last quarter. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of ImmunityBio in the fourth quarter valued at about $37,000. Institutional investors 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.