ImmunityBio (NASDAQ:IBRX) Shares Down 3.9% – Should You Sell?

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) fell 3.9% during trading on Wednesday . The stock traded as low as $5.13 and last traded at $5.14. 529,559 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,960,315 shares. The stock had previously closed at $5.35.

Analysts Set New Price Targets

Several brokerages have issued reports on IBRX. Piper Sandler dropped 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. EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd.

ImmunityBio Price Performance

The firm has a market cap of $3.37 billion, a price-to-earnings ratio of -5.41 and a beta of 0.99. The firm’s fifty day moving average is $4.18 and its two-hundred day moving average is $5.21.

Hedge Funds Weigh In On ImmunityBio

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of ImmunityBio by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock worth $72,708,000 after purchasing an additional 211,065 shares during the last quarter. State Street Corp lifted its stake in shares of ImmunityBio by 10.1% in the third quarter. State Street Corp now owns 8,654,460 shares of the company’s stock valued at $32,195,000 after buying an additional 790,408 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in ImmunityBio by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,265,981 shares of the company’s stock worth $4,709,000 after acquiring an additional 29,665 shares during the period. Bank of New York Mellon Corp boosted its holdings in ImmunityBio by 37.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock worth $3,928,000 after buying an additional 170,742 shares during the period. Finally, Clearwater Capital Advisors LLC grew its position in ImmunityBio by 8.9% during the second quarter. Clearwater Capital Advisors LLC now owns 482,549 shares of the company’s stock worth $3,050,000 after buying an additional 39,250 shares in the last quarter. 8.58% of the stock is currently 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.