ImmunityBio (NASDAQ:IBRX) Trading Down 4.2% – Should You Sell?

ImmunityBio, Inc. (NASDAQ:IBRX) shares were down 4.2% on Thursday . The company traded as low as $3.07 and last traded at $3.09. Approximately 2,130,970 shares were traded during trading, a decline of 67% from the average daily volume of 6,507,664 shares. The stock had previously closed at $3.22.

Wall Street Analysts Forecast Growth

IBRX has been the topic of several research reports. EF Hutton Acquisition Co. I raised ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd. BTIG Research assumed coverage on ImmunityBio in a report on Friday, January 10th. They issued a “buy” rating and a $6.00 price objective for the company. Finally, D. Boral Capital restated a “buy” rating and set a $30.00 target price on shares of ImmunityBio in a report on Thursday, January 16th.

ImmunityBio Price Performance

The stock has a market cap of $2.17 billion, a P/E ratio of -3.39 and a beta of 0.86. The firm’s 50 day moving average price is $3.57 and its 200-day moving average price is $4.15.

Institutional Investors Weigh In On ImmunityBio

Several large investors have recently bought and sold shares of the business. Captrust Financial Advisors bought a new stake in shares of ImmunityBio in the third quarter worth approximately $41,000. Algert Global LLC purchased a new stake in ImmunityBio during the 2nd quarter valued at $86,000. Virtu Financial LLC bought a new position in shares of ImmunityBio during the 3rd quarter valued at $51,000. Mutual Advisors LLC purchased a new position in shares of ImmunityBio in the 4th quarter worth $41,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of ImmunityBio in the second quarter worth $105,000. 8.58% of the stock is currently owned by institutional investors.

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.