ImmunityBio, Inc. (NASDAQ:IBRX) Sees Significant Increase in Short Interest

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) saw a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 49,180,000 shares, a growth of 5.2% from the July 31st total of 46,770,000 shares. Approximately 31.6% of the company's shares are sold short. Based on an average daily volume of 3,240,000 shares, the days-to-cover ratio is currently 15.2 days.

ImmunityBio Price Performance

Shares of NASDAQ:IBRX traded down $0.25 during midday trading on Tuesday, reaching $3.70. 3,124,107 shares of the company's stock were exchanged, compared to its average volume of 4,822,983. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -3.49 and a beta of 1.07. ImmunityBio has a fifty-two week low of $1.25 and a fifty-two week high of $10.53. The firm's 50 day simple moving average is $5.24 and its two-hundred day simple moving average is $5.78.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Meridian Management Co. acquired a new position in shares of ImmunityBio in the 4th quarter worth approximately $46,000. Private Advisor Group LLC acquired a new position in ImmunityBio during the fourth quarter worth $53,000. Simplicity Wealth LLC acquired a new position in ImmunityBio during the first quarter worth $58,000. Bleakley Financial Group LLC purchased a new position in shares of ImmunityBio during the first quarter worth $58,000. Finally, Lazard Asset Management LLC grew its stake in shares of ImmunityBio by 102.6% in the first quarter. Lazard Asset Management LLC now owns 13,019 shares of the company's stock valued at $68,000 after buying an additional 6,593 shares in the last quarter. Hedge funds and other institutional investors own 8.58% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler decreased their price objective on ImmunityBio from $6.00 to $4.75 and set a "neutral" rating on the stock in a report on Monday, August 19th.

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.