ImmunityBio (NASDAQ:IBRX) Shares Down 9.6% - What's Next?

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) shares were down 9.6% during mid-day trading on Tuesday . The stock traded as low as $5.56 and last traded at $5.58. Approximately 4,504,389 shares were traded during trading, a decline of 8% from the average daily volume of 4,874,499 shares. The stock had previously closed at $6.17.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on IBRX shares. EF Hutton Acquisition Co. I raised shares of ImmunityBio to a "strong-buy" rating in a research report on Wednesday, October 23rd. Piper Sandler reduced their price target on shares of ImmunityBio from $6.00 to $4.75 and set a "neutral" rating on the stock in a research report on Monday, August 19th.

ImmunityBio Stock Down 9.1 %

The firm has a market cap of $3.91 billion, a price-to-earnings ratio of -6.01 and a beta of 1.02. The company's 50-day moving average price is $3.76 and its 200-day moving average price is $5.34.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its earnings results on Monday, August 12th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.03). The company had revenue of $1.05 million for the quarter, compared to analysts' expectations of $2.53 million. On average, sell-side analysts predict that ImmunityBio, Inc. will post -0.86 earnings per share for the current fiscal year.

Institutional Trading of ImmunityBio

A number of large investors have recently made changes to their positions in IBRX. Sheets Smith Wealth Management increased its stake in shares of ImmunityBio by 380.8% during the first quarter. Sheets Smith Wealth Management now owns 945,720 shares of the company's stock worth $5,079,000 after buying an additional 749,041 shares during the period. Vanguard Group Inc. increased its stake in ImmunityBio by 1.6% in the first quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company's stock valued at $72,708,000 after purchasing an additional 211,065 shares during the last quarter. Bank of New York Mellon Corp increased its stake in ImmunityBio by 37.9% in the second quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company's stock valued at $3,928,000 after purchasing an additional 170,742 shares during the last quarter. Blair William & Co. IL increased its stake in ImmunityBio by 106.3% in the first quarter. Blair William & Co. IL now owns 313,542 shares of the company's stock valued at $1,684,000 after purchasing an additional 161,530 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in ImmunityBio in the first quarter valued at approximately $499,000. 8.58% of the stock is currently owned by hedge funds and other institutional investors.

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.