ImmunityBio (NASDAQ:IBRX) Trading Down 6.8% – Here’s Why

ImmunityBio, Inc. (NASDAQ:IBRX)’s stock price was down 6.8% during trading on Monday . The stock traded as low as $3.13 and last traded at $3.22. Approximately 1,569,042 shares were traded during trading, a decline of 76% from the average daily volume of 6,540,424 shares. The stock had previously closed at $3.45.

Analysts Set New Price Targets

Several research analysts have recently weighed in on IBRX shares. BTIG Research initiated coverage on shares of ImmunityBio in a report on Friday, January 10th. They issued a “buy” rating and a $6.00 price target on the stock. D. Boral Capital reissued a “buy” rating and issued a $30.00 price target on shares of ImmunityBio in a research note on Monday, January 27th. Finally, EF Hutton Acquisition Co. I upgraded shares of ImmunityBio to a “strong-buy” rating in a research report on Wednesday, October 23rd.

ImmunityBio Price Performance

The company has a 50 day simple moving average of $3.25 and a 200-day simple moving average of $3.93.

Hedge Funds Weigh In On ImmunityBio

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP bought a new stake in ImmunityBio in the second quarter worth $105,000. Squarepoint Ops LLC purchased a new stake in ImmunityBio during the 2nd quarter valued at about $385,000. AQR Capital Management LLC grew its position in ImmunityBio by 158.8% during the 2nd quarter. AQR Capital Management LLC now owns 48,452 shares of the company’s stock worth $306,000 after acquiring an additional 29,727 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in ImmunityBio by 15.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 94,367 shares of the company’s stock worth $596,000 after acquiring an additional 12,738 shares during the last quarter. Finally, Algert Global LLC purchased a new position in ImmunityBio in the 2nd quarter worth approximately $86,000. 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.