ImmunityBio (NASDAQ:IBRX) Stock Price Down 9.6% – Time to Sell?

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

Wall Street Analyst Weigh In

Several research firms have commented on IBRX. Piper Sandler dropped their price objective on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock in a report on Monday, August 19th. EF Hutton Acquisition Co. I raised shares of ImmunityBio to a “strong-buy” rating in a report on Wednesday, October 23rd.

ImmunityBio Stock Up 0.5 %

The company has a 50-day moving average price of $3.82 and a two-hundred day moving average price of $5.34. The stock has a market capitalization of $3.93 billion, a P/E ratio of -5.81 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The business had revenue of $1.05 million for the quarter, compared to analysts’ expectations of $2.53 million. On average, sell-side analysts expect that ImmunityBio, Inc. will post -0.86 earnings per share for the current year.

Hedge Funds Weigh In On ImmunityBio

Institutional investors have recently added to or reduced their stakes in the business. Brookstone Capital Management bought a new position in shares of ImmunityBio in the first quarter worth approximately $100,000. Mirae Asset Global Investments Co. Ltd. grew its position in ImmunityBio by 41.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 59,411 shares of the company’s stock valued at $319,000 after acquiring an additional 17,549 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of ImmunityBio by 9.3% in the 1st quarter. ProShare Advisors LLC now owns 70,613 shares of the company’s stock worth $379,000 after acquiring an additional 6,004 shares during the last quarter. Bleakley Financial Group LLC bought a new position in shares of ImmunityBio during the 1st quarter valued at $58,000. Finally, Sheets Smith Wealth Management raised its position in ImmunityBio by 380.8% in the 1st quarter. Sheets Smith Wealth Management now owns 945,720 shares of the company’s stock worth $5,079,000 after purchasing an additional 749,041 shares during the period. 8.58% of the stock is currently owned by institutional investors.

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.