ImmunityBio (NASDAQ:IBRX) Issues Quarterly Earnings Results

ImmunityBio (NASDAQ:IBRX) announced its quarterly earnings results on Tuesday. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.14), FiscalAI reports. The business had revenue of $51.24 million during the quarter, compared to the consensus estimate of $49.70 million.

ImmunityBio Price Performance

IBRX stock traded down $0.32 during mid-day trading on Tuesday, reaching $6.83. 10,183,664 shares of the company’s stock were exchanged, compared to its average volume of 23,774,037. ImmunityBio has a 12-month low of $1.95 and a 12-month high of $12.43. The stock’s 50 day moving average is $7.70 and its 200 day moving average is $7.59. The company has a market cap of $7.16 billion, a price-to-earnings ratio of -8.00 and a beta of 0.03.

Wall Street Analysts Forecast Growth

IBRX has been the topic of a number of recent research reports. BTIG Research restated a “buy” rating and issued a $12.00 target price on shares of ImmunityBio in a research note on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of ImmunityBio in a research report on Friday, July 10th. HC Wainwright reaffirmed a “buy” rating and set a $15.00 price objective on shares of ImmunityBio in a research note on Tuesday, June 2nd. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $23.00 target price on shares of ImmunityBio in a report on Tuesday, May 5th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.20.

Insider Transactions at ImmunityBio

In other news, Director Cheryl Cohen sold 131,210 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $9.50, for a total transaction of $1,246,495.00. Following the transaction, the director owned 125,386 shares in the company, valued at $1,191,167. This trade represents a 51.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Barry J. Simon sold 25,000 shares of ImmunityBio stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $7.88, for a total transaction of $197,000.00. Following the completion of the sale, the director directly owned 2,802,788 shares in the company, valued at $22,085,969.44. This represents a 0.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,443 shares of company stock valued at $3,918,819 in the last three months. 66.10% of the stock is currently owned by company insiders.

Institutional Trading of ImmunityBio

A number of institutional investors and hedge funds have recently modified their holdings of IBRX. Kovack Advisors Inc. purchased a new position in ImmunityBio in the 4th quarter valued at about $27,000. Diversify Advisory Services LLC acquired a new position in shares of ImmunityBio during the second quarter valued at approximately $27,000. Empowered Funds LLC purchased a new position in shares of ImmunityBio in the fourth quarter valued at approximately $28,000. Daybright Advisory Services Inc. purchased a new position in shares of ImmunityBio in the fourth quarter valued at approximately $29,000. Finally, Sei Investments Co. acquired a new stake in shares of ImmunityBio in the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

About ImmunityBio

ImmunityBio, Inc is a clinical-stage biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. The company’s research platform centers on harnessing the power of the human immune system—through engineered T cells, natural killer (NK) cells, cytokine superagonists and viral-vectored vaccines—to target and eliminate diseased cells across a range of indications.

Among its lead assets is Anktiva (formerly known as N-803), an interleukin-15 superagonist designed to stimulate NK and T cell activity.