ImmunityBio (NASDAQ:IBRX) Stock Dropped to Sell by Wall Street Zen

Wall Street Zen cut shares of ImmunityBio (NASDAQ:IBRX) from a hold rating to a sell rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Several other research firms have also commented on IBRX. Weiss Ratings reissued a “sell (d-)” rating on shares of ImmunityBio in a report on Tuesday, October 6th. HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of ImmunityBio in a research report on Thursday, October 15th. Jefferies Financial Group upped their price target on shares of ImmunityBio from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, October 14th. Finally, Piper Sandler reiterated an “overweight” rating and set a $16.00 price target on shares of ImmunityBio in a research report on Wednesday, October 14th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ImmunityBio currently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

ImmunityBio Price Performance

IBRX stock traded down $0.05 during midday trading on Friday, reaching $6.02. The company had a trading volume of 13,314,369 shares, compared to its average volume of 13,749,928. The company has a market capitalization of $6.40 billion, a price-to-earnings ratio of -5.57 and a beta of 0.17. The stock has a 50 day moving average price of $8.59 and a 200-day moving average price of $7.96. ImmunityBio has a 1-year low of $1.95 and a 1-year high of $12.43.

Insider Activity

In other ImmunityBio news, Director Cheryl Cohen sold 81,056 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $10.50, for a total value of $851,088.00. Following the sale, the director owned 100,309 shares in the company, valued at $1,053,244.50. This trade represents a 44.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Barry Simon sold 25,000 shares of the company’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $10.75, for a total value of $268,750.00. Following the completion of the transaction, the director directly owned 2,777,788 shares of the company’s stock, valued at approximately $29,861,221. The trade was a 0.89% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 66.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IBRX. BlackRock Inc. raised its holdings in ImmunityBio by 29.4% during the 2nd quarter. BlackRock Inc. now owns 34,083,262 shares of the company’s stock worth $298,399,000 after purchasing an additional 7,736,819 shares during the last quarter. State Street Corp boosted its stake in shares of ImmunityBio by 20.8% in the 2nd quarter. State Street Corp now owns 21,398,438 shares of the company’s stock valued at $187,343,000 after purchasing an additional 3,690,335 shares during the last quarter. SEB Asset Management AB bought a new stake in shares of ImmunityBio in the 1st quarter valued at $18,770,000. Bank of America Corp DE acquired a new stake in shares of ImmunityBio during the second quarter worth $19,125,000. Finally, Royal Bank of Canada increased its position in shares of ImmunityBio by 1,731.8% during the first quarter. Royal Bank of Canada now owns 1,486,049 shares of the company’s stock worth $11,399,000 after buying an additional 1,404,922 shares during the period. 8.58% of the stock is owned by institutional investors.

ImmunityBio Company Profile

ImmunityBio is a biotechnology company that develops immunotherapies for cancer and infectious diseases. Its research combines approaches including immune-modulating biologics, cell therapies and vaccine-based treatments, with a focus on activating the body’s natural and adaptive immune responses. The company’s lead product, Anktiva (nogapendekin alfa inbakicept-pmln), received U.S. Food and Drug Administration approval in 2024 for use with Bacillus Calmette-Guérin (BCG) in adults with BCG-unresponsive non-muscle-invasive bladder cancer with carcinoma in situ, with or without papillary tumors.