ImmunityBio (NASDAQ:IBRX) Shares Down 2.7% on Disappointing Earnings

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price traded down 2.7% on Tuesday following a dissappointing earnings announcement. The stock traded as low as $4.28 and last traded at $4.30. 257,483 shares were traded during mid-day trading, a decline of 95% from the average session volume of 4,947,687 shares. The stock had previously closed at $4.42.

The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The firm had revenue of $1.05 million during the quarter, compared to analysts’ expectations of $2.53 million.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped their target price on shares of ImmunityBio from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Monday, April 29th.

Hedge Funds Weigh In On ImmunityBio

A number of hedge funds have recently bought and sold shares of the business. Sheets Smith Wealth Management increased its position in shares of ImmunityBio by 380.8% during the 1st quarter. Sheets Smith Wealth Management now owns 945,720 shares of the company’s stock valued at $5,079,000 after purchasing an additional 749,041 shares during the last quarter. Rafferty Asset Management LLC purchased a new stake in ImmunityBio during the fourth quarter valued at approximately $3,714,000. Vanguard Group Inc. raised its position in ImmunityBio by 1.6% in the first quarter. Vanguard Group Inc. now owns 13,539,590 shares of the company’s stock worth $72,708,000 after acquiring an additional 211,065 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of ImmunityBio by 37.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock worth $3,928,000 after acquiring an additional 170,742 shares during the last quarter. Finally, Blair William & Co. IL increased its stake in shares of ImmunityBio by 106.3% in the 1st quarter. Blair William & Co. IL now owns 313,542 shares of the company’s stock worth $1,684,000 after purchasing an additional 161,530 shares in the last quarter. Hedge funds and other institutional investors own 8.58% of the company’s stock.

ImmunityBio Stock Performance

The company has a market capitalization of $2.76 billion, a P/E ratio of -3.65 and a beta of 1.07. The stock has a fifty day moving average of $5.90 and a 200 day moving average of $5.78.

ImmunityBio Company Profile

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.