ImmunityBio (NASDAQ:IBRX) Stock Price Down 8.9% – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price dropped 8.9% on Friday . The stock traded as low as $3.12 and last traded at $3.06. Approximately 3,529,433 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 5,524,018 shares. The stock had previously closed at $3.36.

Analyst Upgrades and Downgrades

IBRX has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of ImmunityBio in a research report on Thursday, March 13th. D. Boral Capital restated a “buy” rating and issued a $30.00 target price on shares of ImmunityBio in a research report on Thursday, March 13th. Finally, BTIG Research initiated coverage on ImmunityBio in a report 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $12.19.

ImmunityBio Trading Down 6.5 %

The company’s fifty day moving average is $3.13 and its two-hundred day moving average is $3.60. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of -3.41 and a beta of 0.82.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.11. The firm had revenue of $7.55 million during the quarter, compared to analysts’ expectations of $8.74 million. Analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Stephens Inc. AR acquired a new position in shares of ImmunityBio in the fourth quarter worth $26,000. Cibc World Markets Corp acquired a new position in ImmunityBio during the 4th quarter worth $35,000. Maia Wealth LLC purchased a new stake in ImmunityBio during the 4th quarter worth about $37,000. GF Fund Management CO. LTD. acquired a new stake in ImmunityBio in the 4th quarter valued at about $37,000. Finally, Schechter Investment Advisors LLC purchased a new position in shares of ImmunityBio in the 4th quarter valued at about $38,000. 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.