ImmunityBio (NASDAQ:IBRX) Shares Down 7.6% – Time to Sell?

Shares of ImmunityBio, Inc. (NASDAQ:IBRXGet Free Report) fell 7.6% during mid-day trading on Monday . The company traded as low as $8.67 and last traded at $8.7230. Approximately 3,883,821 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 26,095,385 shares. The stock had previously closed at $9.44.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IBRX. HC Wainwright reiterated a “buy” rating and set a $15.00 target price on shares of ImmunityBio in a report on Tuesday, June 2nd. D. Boral Capital reiterated a “buy” rating and issued a $23.00 price objective on shares of ImmunityBio in a report on Tuesday, May 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ImmunityBio in a research report on Tuesday, April 14th. Finally, BTIG Research restated a “buy” rating and set a $12.00 target price on shares of ImmunityBio in a report on Thursday, May 21st. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ImmunityBio presently has a consensus rating of “Moderate Buy” and an average target price of $14.20.

Get Our Latest Stock Report on IBRX

ImmunityBio Stock Performance

The stock has a market cap of $9.50 billion, a P/E ratio of -10.69 and a beta of 0.01. The firm has a 50-day moving average price of $7.71 and a 200-day moving average price of $6.77.

ImmunityBio (NASDAQ:IBRXGet Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.54). The company had revenue of $44.21 million during the quarter, compared to the consensus estimate of $43.07 million. On average, research analysts predict that ImmunityBio, Inc. will post -0.31 earnings per share for the current year.

Insider Activity at ImmunityBio

In related news, Director Barry J. Simon sold 25,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $7.88, for a total transaction of $197,000.00. Following the sale, the director directly owned 2,802,788 shares of the company’s stock, valued at approximately $22,085,969.44. This represents a 0.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christobel Selecky sold 95,722 shares of ImmunityBio stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $9.01, for a total transaction of $862,455.22. Following the completion of the transaction, the director directly owned 32,173 shares of the company’s stock, valued at $289,878.73. This trade represents a 74.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 144,755 shares of company stock valued at $1,233,832 over the last quarter. Company insiders own 66.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Heights Capital Management Inc. bought a new position in ImmunityBio during the third quarter valued at approximately $16,152,000. State Street Corp boosted its position in shares of ImmunityBio by 45.4% in the fourth quarter. State Street Corp now owns 16,455,703 shares of the company’s stock worth $32,582,000 after purchasing an additional 5,139,890 shares during the period. Vanguard Group Inc. increased its stake in ImmunityBio by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 32,777,257 shares of the company’s stock worth $64,899,000 after buying an additional 5,122,052 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ImmunityBio by 439.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,152,684 shares of the company’s stock valued at $12,182,000 after buying an additional 5,012,001 shares during the last quarter. Finally, SEB Asset Management AB purchased a new position in ImmunityBio during the 1st quarter valued at approximately $18,770,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

About ImmunityBio

(Get Free Report)

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.

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