ImmunityBio (NASDAQ:IBRX) Trading Down 12.6%

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price fell 12.6% during trading on Monday . The stock traded as low as $7.95 and last traded at $8.00. 6,182,110 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 6,010,714 shares. The stock had previously closed at $9.15.

Analysts Set New Price Targets

Separately, Piper Sandler boosted their price target on shares of ImmunityBio from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, April 29th.

ImmunityBio Price Performance

The business’s 50 day moving average is $5.81 and its 200 day moving average is $4.58. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of -6.67 and a beta of 1.16.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly earnings results on Tuesday, March 19th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.01). The company had revenue of $0.14 million for the quarter, compared to analysts’ expectations of $0.03 million. As a group, analysts forecast that ImmunityBio, Inc. will post -0.76 earnings per share for the current year.

Institutional Investors Weigh In On ImmunityBio

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of ImmunityBio by 42.0% in the third quarter. Vanguard Group Inc. now owns 14,675,687 shares of the company’s stock valued at $24,802,000 after buying an additional 4,342,386 shares during the last quarter. Armistice Capital LLC acquired a new position in ImmunityBio during the third quarter worth about $5,874,000. Charles Schwab Investment Management Inc. grew its position in ImmunityBio by 8.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,142,925 shares of the company’s stock worth $5,737,000 after buying an additional 92,991 shares during the period. Sheets Smith Wealth Management grew its position in 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. Finally, Rafferty Asset Management LLC acquired a new position in ImmunityBio during the fourth quarter worth about $3,714,000. 8.58% of the stock is owned by hedge funds and other institutional investors.

ImmunityBio Company Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in discovering, developing, and commercializing next-generation immuno- and cellular therapies for cancer and infectious diseases in the United States and Europe. The company offers immunotherapy and cell therapy platforms, including antibody cytokine fusion protein N-803, vaccine delivery technologies, and natural killer cell therapies.