ImmunityBio (NASDAQ:IBRX) Stock Price Down 5.6% – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price fell 5.6% during trading on Tuesday . The company traded as low as $2.88 and last traded at $2.89. 1,492,134 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 5,018,983 shares. The stock had previously closed at $3.06.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Piper Sandler reduced their price objective on ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a report on Monday, August 19th. D. Boral Capital restated a “buy” rating and set a $30.00 price objective on shares of ImmunityBio in a report on Thursday, November 21st. Finally, EF Hutton Acquisition Co. I upgraded shares of ImmunityBio to a “strong-buy” rating in a research note on Wednesday, October 23rd.

ImmunityBio Trading Down 5.6 %

The company has a market cap of $2.01 billion, a price-to-earnings ratio of -3.12 and a beta of 0.86. The stock has a 50-day simple moving average of $4.55 and a 200-day simple moving average of $4.82.

Institutional Investors Weigh In On ImmunityBio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors acquired a new position in shares of ImmunityBio during the 3rd quarter worth about $41,000. Virtu Financial LLC acquired a new position in ImmunityBio during the 3rd quarter worth about $51,000. Algert Global LLC bought a new position in shares of ImmunityBio in the 2nd quarter valued at about $86,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in ImmunityBio by 22.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,192 shares of the company’s stock worth $99,000 after buying an additional 4,545 shares during the period. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of ImmunityBio during the second quarter worth $105,000. Hedge funds and other institutional investors 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.