In a turbulent market environment, ImmunityBio Inc. (NASDAQ: IBRX), formerly known as NantKwest (NASDAQ:), has seen its stock price touch a 52-week low, reaching a price level of $2.6. InvestingPro data shows the stock’s RSI indicates oversold territory, while its beta of -0.43 suggests it typically moves counter to market trends. This latest dip reflects a significant downturn for the biotechnology company, which has experienced a -40.99% change over the past year. Investors are closely monitoring the stock as it navigates through the challenges that have led to this notable decline from its previous year’s performance. The company, which focuses on novel immunotherapy treatments, is facing industry-wide pressures that have impacted its stock valuation. Despite current challenges, InvestingPro analysts forecast 25.15% revenue growth for FY2024, with the company maintaining a healthy current ratio of 2.68, indicating strong short-term liquidity position.
In other recent news, ImmunityBio Inc. has announced its intention to launch a public stock offering, with the funds raised slated for the commercialization of its bladder cancer treatment, ANKTIVA®, and for funding further trials. The company has shown impressive revenue growth of over 1,200% in the last twelve months and has partnered with software company nCartes, Inc. to automate data processes in clinical trials. This collaboration aims to expedite data collection, potentially accelerating the introduction of new therapies.
In a financial analysis, EF Hutton initiated coverage on ImmunityBio Inc., issuing a Buy rating with a stock target of $30.00, recognizing the potential of the company’s cancer therapy, Anktiva. Meanwhile, Piper Sandler maintained a Neutral rating on ImmunityBio’s stock.
In corporate developments, ImmunityBio re-elected nine directors at its Annual Meeting of Stockholders and approved an increase in the number of shares authorized for issuance under its 2015 Equity Incentive Plan by 19.9 million. The company also entered an exclusive global arrangement with the Serum Institute of India to manufacture Bacillus Calmette-Guerin for use with ANKTIVA. These are the recent developments in ImmunityBio Inc.
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