ImmunityBio (NASDAQ:IBRX) Shares Down 4.5% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX) dropped 4.5% on Wednesday . The company traded as low as $3.35 and last traded at $3.36. Approximately 546,238 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 4,516,372 shares. The stock had previously closed at $3.52.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reduced their price objective on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock in a report on Monday, August 19th.

ImmunityBio Stock Down 4.3 %

The stock has a fifty day moving average of $3.88 and a 200-day moving average of $5.51. The firm has a market capitalization of $2.33 billion, a P/E ratio of -3.23 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last released its earnings results on Monday, August 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.03). The company had revenue of $1.05 million during the quarter, compared to analyst estimates of $2.53 million. Sell-side analysts predict that ImmunityBio, Inc. will post -0.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IBRX. Bleakley Financial Group LLC bought a new stake in shares of ImmunityBio during the 1st quarter worth $58,000. Lazard Asset Management LLC lifted its stake in ImmunityBio by 102.6% in the 1st quarter. Lazard Asset Management LLC now owns 13,019 shares of the company’s stock valued at $68,000 after purchasing an additional 6,593 shares during the last quarter. Axxcess Wealth Management LLC acquired a new stake in shares of ImmunityBio during the 1st quarter valued at $85,000. Algert Global LLC bought a new stake in ImmunityBio during the 2nd quarter worth $86,000. Finally, Brookstone Capital Management bought a new position in ImmunityBio in the first quarter valued at about $100,000. 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.