ImmunityBio (NASDAQ:IBRX) Trading Down 8.9% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX) fell 8.9% during trading on Friday . The company traded as low as $3.12 and last traded at $3.06. 3,529,433 shares changed hands during trading, a decline of 36% from the average session volume of 5,524,018 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IBRX. D. Boral Capital reaffirmed a “buy” rating and issued a $30.00 price target on shares of ImmunityBio in a research report on Thursday, March 13th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of ImmunityBio in a report on Thursday, March 13th. Finally, BTIG Research started coverage on ImmunityBio in a research report on Friday, January 10th. They issued a “buy” rating and a $6.00 price target for the company. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $12.19.

ImmunityBio Price Performance

The company’s fifty day simple moving average is $3.12 and its 200-day simple moving average is $3.60. The firm has a market capitalization of $2.63 billion, a PE ratio of -3.34 and a beta of 0.82.

ImmunityBio (NASDAQ:IBRX) last announced its earnings results on Monday, March 3rd. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.11. The business had revenue of $7.55 million for the quarter, compared to analysts’ expectations of $8.74 million. As a group, equities research analysts anticipate that ImmunityBio, Inc. will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ImmunityBio

Several hedge funds have recently modified their holdings of IBRX. Woodline Partners LP grew its position in ImmunityBio by 682.7% during the 4th quarter. Woodline Partners LP now owns 3,442,440 shares of the company’s stock worth $8,813,000 after purchasing an additional 3,002,622 shares during the last quarter. Tang Capital Management LLC purchased a new stake in shares of ImmunityBio during the fourth quarter valued at $7,204,000. Altium Capital Management LLC acquired a new position in shares of ImmunityBio in the 4th quarter valued at $2,714,000. State Street Corp raised its stake in ImmunityBio by 10.1% in the 3rd quarter. State Street Corp now owns 8,654,460 shares of the company’s stock worth $32,195,000 after acquiring an additional 790,408 shares during the last quarter. Finally, Ghisallo Capital Management LLC purchased a new position in ImmunityBio in the 4th quarter worth $1,280,000. Institutional investors and hedge funds own 8.58% of the company’s stock.

About ImmunityBio

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.