ImmunityBio (NASDAQ:IBRX) Releases Quarterly Earnings Results, Misses Estimates By $0.14 EPS

ImmunityBio (NASDAQ:IBRX) issued its quarterly earnings results on Tuesday. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.14), FiscalAI reports. The company had revenue of $51.24 million during the quarter, compared to analysts’ expectations of $49.80 million.

ImmunityBio Stock Up 6.2%

ImmunityBio stock traded up $0.43 during midday trading on Wednesday, hitting $7.38. The company’s stock had a trading volume of 4,744,951 shares, compared to its average volume of 23,711,469. The stock’s 50-day moving average price is $7.68 and its 200-day moving average price is $7.62. ImmunityBio has a 12 month low of $1.95 and a 12 month high of $12.43. The company has a market capitalization of $7.73 billion, a PE ratio of -8.68 and a beta of 0.03.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at ImmunityBio

In other news, Director Cheryl Cohen sold 131,210 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $9.50, for a total transaction of $1,246,495.00. Following the completion of the transaction, the director owned 125,386 shares in the company, valued at approximately $1,191,167. This trade represents a 51.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christobel Selecky sold 159,478 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $9.02, for a total transaction of $1,438,491.56. Following the completion of the sale, the director owned 35,064 shares in the company, valued at $316,277.28. The trade was a 81.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 435,443 shares of company stock valued at $3,918,819. 66.10% of the stock is owned by insiders.

Institutional Investors Weigh In On ImmunityBio

A number of institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its holdings in shares of ImmunityBio by 193.4% in the 1st quarter. AQR Capital Management LLC now owns 44,448 shares of the company’s stock worth $134,000 after acquiring an additional 29,297 shares during the last quarter. Creative Planning boosted its position in shares of ImmunityBio by 9.2% in the 2nd quarter. Creative Planning now owns 62,028 shares of the company’s stock valued at $164,000 after purchasing an additional 5,231 shares during the period. Cetera Investment Advisers increased its stake in ImmunityBio by 56.9% in the 2nd quarter. Cetera Investment Advisers now owns 18,551 shares of the company’s stock worth $49,000 after purchasing an additional 6,731 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in ImmunityBio by 5.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,071,736 shares of the company’s stock worth $2,829,000 after buying an additional 52,782 shares during the period. Finally, Legal & General Group Plc lifted its stake in ImmunityBio by 11.8% during the second quarter. Legal & General Group Plc now owns 205,478 shares of the company’s stock valued at $542,000 after buying an additional 21,715 shares in the last quarter. Institutional investors and hedge funds own 8.58% of the company’s stock.

ImmunityBio Company Profile

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.