ImmunityBio (NASDAQ:IBRX) Trading Down 4.5% – Time to Sell?

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price traded down 4.5% during mid-day trading on Wednesday . The company traded as low as $3.35 and last traded at $3.36. 546,238 shares traded hands during trading, a decline of 88% from the average session volume of 4,516,372 shares. The stock had previously closed at $3.52.

Analyst Upgrades and Downgrades

Separately, Piper Sandler decreased their target price on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a research note on Monday, August 19th.

ImmunityBio Price Performance

The business’s 50 day moving average price is $3.88 and its 200-day moving average price is $5.51. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -3.23 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last posted its earnings results on Monday, August 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The business had revenue of $1.05 million during the quarter, compared to the consensus estimate of $2.53 million. As a group, analysts expect that ImmunityBio, Inc. will post -0.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IBRX. Bleakley Financial Group LLC acquired a new stake in ImmunityBio in the 1st quarter valued at about $58,000. Lazard Asset Management LLC boosted its stake in ImmunityBio by 102.6% during the 1st quarter. Lazard Asset Management LLC now owns 13,019 shares of the company’s stock valued at $68,000 after purchasing an additional 6,593 shares during the period. Axxcess Wealth Management LLC acquired a new stake in shares of ImmunityBio in the first quarter worth $85,000. Algert Global LLC bought a new position in ImmunityBio during the second quarter worth $86,000. Finally, Brookstone Capital Management acquired a new stake in ImmunityBio in the 1st quarter worth $100,000. 8.58% of the stock is owned by institutional investors and hedge funds.

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.