ImmunityBio (NASDAQ:IBRX) Hits New 52-Week Low – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX) hit a new 52-week low during trading on Friday . The company traded as low as $2.45 and last traded at $2.46, with a volume of 1037833 shares changing hands. The stock had previously closed at $2.56.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on IBRX shares. D. Boral Capital reaffirmed a “buy” rating and issued a $30.00 target price on shares of ImmunityBio in a report on Monday, January 6th. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a report on Wednesday, October 23rd. Finally, BTIG Research started coverage on ImmunityBio in a report on Friday. They issued a “buy” rating and a $6.00 target price on the stock.

ImmunityBio Trading Down 5.5 %

The company has a market cap of $1.69 billion, a price-to-earnings ratio of -2.63 and a beta of 0.86. The company has a fifty day moving average price of $3.96 and a two-hundred day moving average price of $4.35.

Hedge Funds Weigh In On ImmunityBio

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. lifted its position in shares of ImmunityBio by 16.0% during the 2nd quarter. Victory Capital Management Inc. now owns 19,953 shares of the company’s stock worth $126,000 after buying an additional 2,746 shares during the period. Wealth Effects LLC lifted its position in shares of ImmunityBio by 3.4% during the 3rd quarter. Wealth Effects LLC now owns 90,500 shares of the company’s stock worth $337,000 after buying an additional 3,000 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of ImmunityBio by 8.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 47,984 shares of the company’s stock worth $178,000 after buying an additional 3,722 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of ImmunityBio by 22.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company’s stock worth $99,000 after buying an additional 4,545 shares during the period. Finally, Courier Capital LLC lifted its position in shares of ImmunityBio by 50.0% during the 3rd quarter. Courier Capital LLC now owns 30,000 shares of the company’s stock worth $112,000 after buying an additional 10,000 shares during the period. Institutional investors 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.