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

ImmunityBio, Inc. (NASDAQ:IBRX) shares gapped down before the market opened on Wednesday . The stock had previously closed at $10.00, but opened at $9.45. ImmunityBio shares last traded at $9.27, with a volume of 13,343,160 shares changing hands.

Analyst Ratings Changes

A number of research firms have weighed in on IBRX. D. Boral Capital reiterated a “buy” rating and issued a $23.00 target price on shares of ImmunityBio in a research note on Monday, February 23rd. The Goldman Sachs Group reiterated a “buy” rating on shares of ImmunityBio in a research note on Monday, February 23rd. Jefferies Financial Group boosted their target price on ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 12th. HC Wainwright upped their price target on ImmunityBio from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. Finally, BTIG Research increased their price target on ImmunityBio from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.60.

ImmunityBio Stock Down 0.4%

The stock has a market cap of $9.21 billion, a PE ratio of -23.58 and a beta of -0.03. The firm has a 50-day simple moving average of $5.87 and a 200-day simple moving average of $3.57.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings data on Monday, March 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $38.29 million for the quarter. On average, research analysts expect that ImmunityBio, Inc. will post -0.92 earnings per share for the current year.

Insider Activity at ImmunityBio

In other news, Director Christobel Selecky sold 50,000 shares of the business’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Barry J. Simon sold 165,000 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $10.25, for a total transaction of $1,691,250.00. Following the completion of the transaction, the director directly owned 2,925,821 shares in the company, valued at approximately $29,989,665.25. The trade was a 5.34% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 501,967 shares of company stock valued at $4,466,412. 69.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ImmunityBio

A number of institutional investors have recently added to or reduced their stakes in IBRX. Walser Wealth Management Company A Ltd Liability Co bought a new stake in shares of ImmunityBio during the 4th quarter valued at about $59,000. Invesco Ltd. lifted its position in ImmunityBio by 14.6% during the fourth quarter. Invesco Ltd. now owns 182,836 shares of the company’s stock valued at $362,000 after purchasing an additional 23,353 shares during the last quarter. Corient Private Wealth LLC grew its stake in ImmunityBio by 69.7% in the 4th quarter. Corient Private Wealth LLC now owns 333,149 shares of the company’s stock worth $660,000 after buying an additional 136,858 shares in the last quarter. EP Wealth Advisors LLC bought a new position in shares of ImmunityBio in the 4th quarter worth $35,000. Finally, Empowered Funds LLC bought a new position in shares of ImmunityBio in the 4th quarter worth $28,000. 8.58% of the stock is currently owned by institutional investors.

ImmunityBio Company Profile

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.