ImmunityBio (NASDAQ:IBRX) Shares Gap Down – Time to Sell?

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $6.21, but opened at $5.96. ImmunityBio shares last traded at $5.9070, with a volume of 14,421,718 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. HC Wainwright increased their price objective on ImmunityBio from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday. BTIG Research lifted their price objective on ImmunityBio from $6.00 to $9.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ImmunityBio in a research note on Monday, December 29th. D. Boral Capital restated a “buy” rating and issued a $24.00 price target on shares of ImmunityBio in a report on Tuesday, January 20th. Finally, Piper Sandler increased their price objective on shares of ImmunityBio from $5.00 to $7.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ImmunityBio has an average rating of “Moderate Buy” and a consensus price target of $11.80.

ImmunityBio Price Performance

The company has a market cap of $5.80 billion, a PE ratio of -14.35 and a beta of 0.03. The stock’s 50-day moving average is $2.82 and its 200 day moving average is $2.60.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The business had revenue of $32.06 million during the quarter, compared to analyst estimates of $31.88 million. On average, analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current year.

Insider Activity

In other ImmunityBio news, Director Christobel Selecky sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barry J. Simon sold 151,967 shares of ImmunityBio stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $7.20, for a total transaction of $1,094,162.40. Following the sale, the director owned 3,091,604 shares of the company’s stock, valued at $22,259,548.80. The trade was a 4.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 226,967 shares of company stock worth $1,531,912. Corporate insiders own 69.48% of the company’s stock.

Institutional Trading of ImmunityBio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Slow Capital Inc. purchased a new stake in ImmunityBio in the third quarter valued at approximately $25,000. Truist Financial Corp purchased a new position in shares of ImmunityBio during the 3rd quarter valued at about $27,000. Swiss Life Asset Management Ltd purchased a new stake in shares of ImmunityBio in the third quarter worth about $27,000. Diversify Advisory Services LLC acquired a new stake in ImmunityBio during the second quarter worth about $27,000. Finally, Summit X LLC acquired a new position in ImmunityBio in the second quarter valued at approximately $28,000. Institutional investors and hedge funds own 8.58% of the company’s stock.

About ImmunityBio

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.