ImmunityBio (NASDAQ:IBRX) Shares Gap Down – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX) gapped down prior to trading on Wednesday . The stock had previously closed at $4.64, but opened at $3.28. ImmunityBio shares last traded at $3.40, with a volume of 6,424,461 shares trading hands.

Wall Street Analysts Forecast Growth

IBRX has been the topic of several analyst reports. Piper Sandler dropped their price target on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock in a research note on Monday, August 19th. D. Boral Capital reissued a “buy” rating and set a $30.00 target price on shares of ImmunityBio in a research report on Thursday, November 21st. Finally, EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a research note on Wednesday, October 23rd.

ImmunityBio Trading Down 32.5 %

The stock has a market cap of $2.18 billion, a P/E ratio of -3.70 and a beta of 0.86. The firm’s fifty day moving average is $4.59 and its 200 day moving average is $4.92.

Hedge Funds Weigh In On ImmunityBio

Several large investors have recently made changes to their positions in IBRX. Victory Capital Management Inc. increased its position in ImmunityBio by 16.0% in 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 grew its stake in shares of ImmunityBio by 3.4% in the third quarter. Wealth Effects LLC now owns 90,500 shares of the company’s stock worth $337,000 after acquiring an additional 3,000 shares during the last quarter. Exchange Traded Concepts LLC increased its position in ImmunityBio by 8.4% during the third quarter. Exchange Traded Concepts LLC now owns 47,984 shares of the company’s stock worth $178,000 after acquiring an additional 3,722 shares during the period. Price T Rowe Associates Inc. MD raised its stake in ImmunityBio by 3.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 123,879 shares of the company’s stock valued at $667,000 after purchasing an additional 4,533 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in ImmunityBio by 22.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company’s stock valued at $99,000 after purchasing an additional 4,545 shares during the period. Institutional investors and hedge funds 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.