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

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

ImmunityBio Stock Down 5.2%

IBRX stock traded down $0.38 during midday trading on Tuesday, hitting $6.78. The company’s stock had a trading volume of 6,078,297 shares, compared to its average volume of 23,739,721. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of -7.95 and a beta of 0.03. The stock’s 50-day moving average price is $7.70 and its 200 day moving average price is $7.59. ImmunityBio has a 1 year low of $1.95 and a 1 year high of $12.43.

Insiders Place Their Bets

In other ImmunityBio news, Director Cheryl Cohen sold 131,210 shares of the company’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 sale, the director directly owned 125,386 shares of the company’s stock, valued at $1,191,167. This represents a 51.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 firm’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 transaction, the director directly owned 35,064 shares of the company’s stock, valued at approximately $316,277.28. This trade represents 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. Over the last 90 days, insiders have sold 435,443 shares of company stock valued at $3,918,819. Company insiders own 66.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IBRX. State Street Corp lifted its stake in ImmunityBio by 45.4% in the 4th quarter. State Street Corp now owns 16,455,703 shares of the company’s stock worth $32,582,000 after purchasing an additional 5,139,890 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ImmunityBio by 439.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,152,684 shares of the company’s stock worth $12,182,000 after buying an additional 5,012,001 shares in the last quarter. Woodline Partners LP raised its position in shares of ImmunityBio by 53.7% in the third quarter. Woodline Partners LP now owns 5,297,725 shares of the company’s stock worth $13,032,000 after buying an additional 1,851,854 shares in the last quarter. Two Sigma Investments LP boosted its stake in ImmunityBio by 224.9% during the third quarter. Two Sigma Investments LP now owns 2,607,860 shares of the company’s stock valued at $6,415,000 after buying an additional 1,805,297 shares during the period. Finally, Barclays PLC boosted its stake in ImmunityBio by 163.5% during the fourth quarter. Barclays PLC now owns 2,444,163 shares of the company’s stock valued at $4,839,000 after buying an additional 1,516,476 shares during the period. Hedge funds and other institutional investors own 8.58% of the company’s stock.

Wall Street Analyst Weigh In

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

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.