ImmunityBio (NASDAQ:IBRX) Sets New 12-Month Low – Here’s Why

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) reached a new 52-week low during trading on Friday . The stock traded as low as $2.45 and last traded at $2.46, with a volume of 1037833 shares trading hands. The stock had previously closed at $2.56.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BTIG Research assumed coverage on shares of ImmunityBio in a research note on Friday. They issued a “buy” rating and a $6.00 price objective for the company. EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a research note on Wednesday, October 23rd. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $30.00 price objective on shares of ImmunityBio in a report on Monday.

ImmunityBio Stock Down 5.1 %

The firm has a 50 day moving average of $4.02 and a two-hundred day moving average of $4.40. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -2.64 and a beta of 0.86.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IBRX. State Street Corp boosted its position in ImmunityBio by 10.1% during the third quarter. State Street Corp now owns 8,654,460 shares of the company’s stock valued at $32,195,000 after acquiring an additional 790,408 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in ImmunityBio by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,265,981 shares of the company’s stock worth $4,709,000 after purchasing an additional 29,665 shares during the period. Bank of New York Mellon Corp lifted its position in shares of ImmunityBio by 37.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock valued at $3,928,000 after acquiring an additional 170,742 shares during the period. Barclays PLC grew its holdings in ImmunityBio by 127.4% in the third quarter. Barclays PLC now owns 361,036 shares of the company’s stock worth $1,344,000 after purchasing an additional 202,248 shares during the period. Finally, Rhumbline Advisers increased its stake in ImmunityBio by 13.3% in the second quarter. Rhumbline Advisers now owns 211,677 shares of the company’s stock valued at $1,338,000 after purchasing an additional 24,802 shares in the last quarter. Institutional investors and hedge funds own 8.58% of the company’s stock.

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.