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

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on IBRX shares. Piper Sandler lowered their target price on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating on the stock 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 research report on Thursday, November 21st. Finally, EF Hutton Acquisition Co. I upgraded ImmunityBio to a “strong-buy” rating in a report on Wednesday, October 23rd.

ImmunityBio Price Performance

The firm has a market cap of $2.01 billion, a PE ratio of -3.12 and a beta of 0.86. The business’s fifty day moving average is $4.55 and its 200-day moving average is $4.82.

Institutional Investors Weigh In On ImmunityBio

Several large investors have recently added to or reduced their stakes in IBRX. Captrust Financial Advisors bought a new position in ImmunityBio during the third quarter valued at approximately $41,000. Algert Global LLC purchased a new position in ImmunityBio during the 2nd quarter valued at about $86,000. Virtu Financial LLC bought a new stake in ImmunityBio in the third quarter worth $51,000. Dimensional Fund Advisors LP bought a new stake in ImmunityBio during the 2nd quarter valued at about $105,000. Finally, CIBC Asset Management Inc purchased a new position in ImmunityBio in the 2nd quarter worth about $118,000. 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.