ImmunityBio (NASDAQ:IBRX) Trading Down 7.7% – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price fell 7.7% during mid-day trading on Monday . The company traded as low as $5.12 and last traded at $5.14. Approximately 3,400,667 shares were traded during trading, a decline of 31% from the average session volume of 4,955,813 shares. The stock had previously closed at $5.57.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on IBRX shares. Piper Sandler reduced their price objective on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock in a research note on Monday, August 19th. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd.

ImmunityBio Stock Down 2.4 %

The stock has a 50 day simple moving average of $4.05 and a two-hundred day simple moving average of $5.34.

ImmunityBio (NASDAQ:IBRX) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The business had revenue of $1.05 million for the quarter, compared to the consensus estimate of $2.53 million. Equities research analysts predict that ImmunityBio, Inc. will post -0.86 EPS for the current year.

Institutional Investors Weigh In On ImmunityBio

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Lazard Asset Management LLC increased its position in shares of ImmunityBio by 102.6% during the first quarter. Lazard Asset Management LLC now owns 13,019 shares of the company’s stock worth $68,000 after purchasing an additional 6,593 shares in the last quarter. Blair William & Co. IL grew its position in shares of ImmunityBio by 106.3% during the first quarter. Blair William & Co. IL now owns 313,542 shares of the company’s stock worth $1,684,000 after acquiring an additional 161,530 shares during the last quarter. Axxcess Wealth Management LLC acquired a new position in shares of ImmunityBio in the 1st quarter valued at $85,000. Vanguard Group Inc. raised its position in ImmunityBio by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock valued at $72,708,000 after purchasing an additional 211,065 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in ImmunityBio by 37.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock worth $3,928,000 after purchasing an additional 170,742 shares during the last quarter. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.