ImmunityBio (NASDAQ:IBRX) Stock Price Down 5.6% – Here’s What Happened

ImmunityBio, Inc. (NASDAQ:IBRX) was down 5.6% during mid-day trading on Tuesday . The stock traded as low as $2.51 and last traded at $2.53. Approximately 3,579,558 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 5,063,778 shares. The stock had previously closed at $2.68.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd. D. Boral Capital reissued a “buy” rating and set a $30.00 price target on shares of ImmunityBio in a report on Friday, December 20th.

ImmunityBio Price Performance

The stock has a fifty day moving average price of $4.34 and a two-hundred day moving average price of $4.54. The company has a market cap of $1.83 billion, a P/E ratio of -2.85 and a beta of 0.86.

Institutional Trading of ImmunityBio

Several large investors have recently added to or reduced their stakes in IBRX. Bank of New York Mellon Corp grew its stake in shares of ImmunityBio by 37.9% in 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 in the last quarter. CIBC Asset Management Inc acquired a new stake in shares of ImmunityBio in the 2nd quarter worth approximately $118,000. Rhumbline Advisers boosted its holdings in shares of ImmunityBio by 13.3% in the second quarter. Rhumbline Advisers now owns 211,677 shares of the company’s stock valued at $1,338,000 after acquiring an additional 24,802 shares in the last quarter. Wealth Effects LLC increased its stake in shares of ImmunityBio by 33.6% during the second quarter. Wealth Effects LLC now owns 87,500 shares of the company’s stock valued at $553,000 after acquiring an additional 22,000 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in ImmunityBio by 16.0% during the second quarter. Victory Capital Management Inc. now owns 19,953 shares of the company’s stock worth $126,000 after purchasing an additional 2,746 shares in the last quarter. 8.58% of the stock is currently owned by institutional investors and hedge funds.

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.