ImmunityBio (NASDAQ:IBRX) Shares Up 5.1% – What’s Next?

ImmunityBio, Inc. (NASDAQ:IBRX) shares rose 5.1% on Monday. The company traded as high as $8.98 and last traded at $8.8740. Approximately 4,527,693 shares traded hands during trading, a decline of 78% from the average daily volume of 20,797,570 shares. The stock had previously closed at $8.44.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on IBRX shares. HC Wainwright reissued a “buy” rating and issued a $15.00 price objective on shares of ImmunityBio in a report on Tuesday, June 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of ImmunityBio in a report on Friday, July 10th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.20.

ImmunityBio Price Performance

The firm has a 50-day moving average of $7.84 and a 200-day moving average of $7.80. The stock has a market cap of $9.02 billion, a PE ratio of -8.74 and a beta of 0.04.

ImmunityBio (NASDAQ:IBRX) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.14). The company had revenue of $51.24 million during the quarter, compared to the consensus estimate of $49.70 million. Equities analysts forecast that ImmunityBio, Inc. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at ImmunityBio

In other ImmunityBio news, Director Cheryl Cohen sold 131,210 shares of ImmunityBio stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $9.50, for a total value of $1,246,495.00. Following the sale, the director directly owned 125,386 shares in the company, valued at approximately $1,191,167. The trade was a 51.13% decrease in their position. The sale was disclosed in a legal filing 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 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 approximately $316,277.28. The trade was a 81.98% 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 291,688 shares of company stock worth $2,693,987 in the last three months. Insiders own 66.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Hussman Strategic Advisors Inc. bought a new position in ImmunityBio during the second quarter valued at $1,287,000. SEB Asset Management AB bought a new stake in shares of ImmunityBio in the 1st quarter worth about $18,770,000. Tidal Investments LLC purchased a new stake in shares of ImmunityBio during the 2nd quarter valued at about $2,207,000. Winning Points Advisors LLC purchased a new stake in shares of ImmunityBio during the 4th quarter valued at about $1,430,000. Finally, BlackRock Inc. lifted its holdings in shares of ImmunityBio by 29.4% in the 2nd quarter. BlackRock Inc. now owns 34,083,262 shares of the company’s stock valued at $298,399,000 after acquiring an additional 7,736,819 shares during the last quarter. Hedge funds and other institutional investors own 8.58% of the company’s stock.

About ImmunityBio

ImmunityBio, Inc is a biotechnology company focused on developing and commercializing immunotherapies and other treatments designed to activate the immune system against cancer and infectious diseases. The company’s platform combines biologics, cell therapies, vaccines and other approaches intended to generate durable immune responses.

Its lead product, ANKTIVA (nogapendekin alfa inbakicept-pmln), is an interleukin-15 receptor agonist designed to stimulate natural killer cells and T cells.