ImmunityBio (NASDAQ:IBRX) Announces Earnings Results

ImmunityBio (NASDAQ:IBRX) released its earnings results on Monday. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02, FiscalAI reports. The business had revenue of $38.29 million for the quarter.

ImmunityBio Price Performance

NASDAQ IBRX opened at $9.44 on Wednesday. ImmunityBio has a fifty-two week low of $1.83 and a fifty-two week high of $12.43. The stock’s 50-day moving average is $5.59 and its two-hundred day moving average is $3.49. The firm has a market cap of $9.71 billion, a P/E ratio of -24.84 and a beta of -0.03.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. BTIG Research boosted their price objective on shares of ImmunityBio from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Jefferies Financial Group boosted their price target on shares of ImmunityBio from $8.00 to $9.00 and gave the company a “buy” rating in a report on Friday, December 12th. HC Wainwright increased their price objective on ImmunityBio from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of ImmunityBio in a research report on Monday, December 29th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $23.00 target price on shares of ImmunityBio in a research report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.60.

Insider Transactions at ImmunityBio

In other ImmunityBio news, Director Barry J. Simon sold 165,000 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $10.25, for a total transaction of $1,691,250.00. Following the transaction, the director owned 2,925,821 shares in the company, valued at $29,989,665.25. This trade represents a 5.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christobel Selecky sold 50,000 shares of ImmunityBio stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 501,967 shares of company stock worth $4,466,412. 69.48% of the stock is currently owned by insiders.

Institutional Trading of ImmunityBio

Several large investors have recently modified their holdings of IBRX. State Street Corp raised its holdings 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 acquiring an additional 5,139,890 shares during the period. Goldman Sachs Group Inc. boosted its holdings in ImmunityBio by 439.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,152,684 shares of the company’s stock valued at $12,182,000 after acquiring an additional 5,012,001 shares during the period. Woodline Partners LP grew 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 valued at $13,032,000 after purchasing an additional 1,851,854 shares during the last quarter. Two Sigma Investments LP grew its position in shares of ImmunityBio by 224.9% in the third quarter. Two Sigma Investments LP now owns 2,607,860 shares of the company’s stock valued at $6,415,000 after purchasing an additional 1,805,297 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of ImmunityBio by 163.5% in the fourth quarter. Barclays PLC now owns 2,444,163 shares of the company’s stock worth $4,839,000 after purchasing an additional 1,516,476 shares during the period. 8.58% of the stock is owned by institutional investors.

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.