ImmunityBio (NASDAQ:IBRX) Reaches New 52-Week Low – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX) shares hit a new 52-week low during trading on Friday . The company traded as low as $2.96 and last traded at $3.02, with a volume of 565652 shares trading hands. The stock had previously closed at $3.04.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on IBRX. Piper Sandler dropped their target price on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock in a report on Monday, August 19th. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $30.00 price objective on shares of ImmunityBio in a research report on Thursday, November 21st.

ImmunityBio Price Performance

The company’s 50-day moving average price is $4.56 and its two-hundred day moving average price is $4.86. The company has a market capitalization of $2.00 billion, a P/E ratio of -3.12 and a beta of 0.86.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position 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 valued at $3,928,000 after purchasing an additional 170,742 shares during the last quarter. CIBC Asset Management Inc acquired a new position in ImmunityBio in the 2nd quarter valued at $118,000. Rhumbline Advisers grew its holdings in ImmunityBio by 13.3% in the 2nd quarter. Rhumbline Advisers now owns 211,677 shares of the company’s stock valued at $1,338,000 after buying an additional 24,802 shares in the last quarter. Wealth Effects LLC lifted its holdings in shares of ImmunityBio by 33.6% during the second quarter. Wealth Effects LLC now owns 87,500 shares of the company’s stock worth $553,000 after buying an additional 22,000 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of ImmunityBio by 16.0% in the second quarter. Victory Capital Management Inc. now owns 19,953 shares of the company’s stock valued at $126,000 after acquiring an additional 2,746 shares during the period. 8.58% of the stock is owned by institutional investors.

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.