ImmunityBio (NASDAQ:IBRX) Shares Down 6.3%

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price traded down 6.3% during trading on Tuesday . The stock traded as low as $8.23 and last traded at $8.42. 9,835,359 shares were traded during mid-day trading, an increase of 72% from the average session volume of 5,716,324 shares. The stock had previously closed at $8.99.

Analyst Upgrades and Downgrades

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

ImmunityBio Price Performance

The stock has a market cap of $5.41 billion, a P/E ratio of -7.18 and a beta of 1.23. The stock has a 50-day simple moving average of $5.34 and a 200-day simple moving average of $4.28.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $0.03 million. As a group, sell-side analysts forecast that ImmunityBio, Inc. will post -0.68 earnings per share for the current year.

Institutional Investors Weigh In On ImmunityBio

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC grew its stake in ImmunityBio by 43.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,393 shares of the company’s stock valued at $47,000 after purchasing an additional 2,844 shares during the period. Amalgamated Bank raised its position in shares of ImmunityBio by 21.9% in the fourth quarter. Amalgamated Bank now owns 17,752 shares of the company’s stock worth $89,000 after buying an additional 3,186 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of ImmunityBio by 25.8% during the fourth quarter. Victory Capital Management Inc. now owns 17,642 shares of the company’s stock worth $89,000 after purchasing an additional 3,613 shares in the last quarter. Courier Capital LLC raised its position in shares of ImmunityBio by 33.3% during the 1st quarter. Courier Capital LLC now owns 20,000 shares of the company’s stock valued at $107,000 after buying an additional 5,000 shares in the last quarter. Finally, Wealth Effects LLC lifted its stake in ImmunityBio by 11.2% during the fourth quarter. Wealth Effects LLC now owns 59,500 shares of the company’s stock worth $299,000 after purchasing an additional 6,000 shares during the last quarter. 8.58% of the stock is owned by institutional investors.

About ImmunityBio

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.