ImmunityBio (NASDAQ:IBRX) Shares Down 5.6% – Should You Sell?

ImmunityBio, Inc. (NASDAQ:IBRX)’s share price traded down 5.6% on Tuesday . The stock traded as low as $2.51 and last traded at $2.53. 3,579,558 shares changed hands during trading, a decline of 29% from the average session volume of 5,063,778 shares. The stock had previously closed at $2.68.

Wall Street Analysts Forecast Growth

IBRX has been the subject of several analyst reports. D. Boral Capital reiterated a “buy” rating and issued a $30.00 price objective on shares of ImmunityBio in a research note on Friday, December 20th. EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a report on Wednesday, October 23rd.

ImmunityBio Stock Down 4.9 %

The firm has a market cap of $1.78 billion, a P/E ratio of -2.77 and a beta of 0.86. The firm’s 50-day simple moving average is $4.38 and its 200 day simple moving average is $4.58.

Institutional Investors Weigh In On ImmunityBio

Hedge funds have recently modified their holdings of the stock. State Street Corp increased its position in ImmunityBio by 10.1% in the third quarter. State Street Corp now owns 8,654,460 shares of the company’s stock worth $32,195,000 after buying an additional 790,408 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in ImmunityBio by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,265,981 shares of the company’s stock valued at $4,709,000 after acquiring an additional 29,665 shares during the period. Bank of New York Mellon Corp boosted its position in ImmunityBio by 37.9% during the second 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 period. Clearwater Capital Advisors LLC increased its stake in shares of ImmunityBio by 8.9% in the second quarter. Clearwater Capital Advisors LLC now owns 482,549 shares of the company’s stock worth $3,050,000 after purchasing an additional 39,250 shares in the last quarter. Finally, Barclays PLC raised its position in shares of ImmunityBio by 127.4% in the third quarter. Barclays PLC now owns 361,036 shares of the company’s stock valued at $1,344,000 after purchasing an additional 202,248 shares during the period. Institutional investors own 8.58% of the company’s stock.

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.