ImmunityBio (NASDAQ:IBRX) Shares Down 7.7% – Here’s What Happened

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price dropped 7.7% on Monday . The stock traded as low as $5.12 and last traded at $5.14. Approximately 3,400,667 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 4,955,813 shares. The stock had previously closed at $5.57.

Analyst Ratings Changes

IBRX has been the subject of several research analyst reports. EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd. Piper Sandler dropped their price target on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a research report on Monday, August 19th.

ImmunityBio Stock Performance

The company has a 50-day moving average of $4.05 and a 200-day moving average of $5.34.

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

Hedge Funds Weigh In On ImmunityBio

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in ImmunityBio by 1.6% in the first quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock valued at $72,708,000 after buying an additional 211,065 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of ImmunityBio by 2.4% during 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 in the last quarter. Bank of New York Mellon Corp boosted its position in ImmunityBio by 37.9% during the 2nd 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 raised its position in ImmunityBio by 8.9% in the second quarter. Clearwater Capital Advisors LLC now owns 482,549 shares of the company’s stock valued at $3,050,000 after purchasing an additional 39,250 shares during the period. Finally, Blair William & Co. IL lifted its stake in shares of ImmunityBio by 106.3% during the first quarter. Blair William & Co. IL now owns 313,542 shares of the company’s stock worth $1,684,000 after purchasing an additional 161,530 shares in the last quarter. 8.58% of the stock is currently owned by hedge funds and other institutional investors.

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.