ImmunityBio (NASDAQ:IBRX) Shares Gap Down After Insider Selling

Shares of ImmunityBio, Inc. (NASDAQ:IBRX) gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $8.71, but opened at $8.36. ImmunityBio shares last traded at $8.5060, with a volume of 4,178,461 shares trading hands.

Specifically, Director Barry J. Simon sold 25,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $7.88, for a total value of $197,000.00. Following the transaction, the director owned 2,802,788 shares of the company’s stock, valued at approximately $22,085,969.44. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

IBRX has been the topic of a number of recent analyst reports. BTIG Research reiterated a “buy” rating and issued a $12.00 price objective on shares of ImmunityBio in a research report on Thursday, May 21st. HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of ImmunityBio in a research note on Tuesday, June 2nd. Piper Sandler reaffirmed an “overweight” rating and issued a $12.00 price target (up from $7.00) on shares of ImmunityBio in a report on Wednesday, March 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ImmunityBio in a research report on Tuesday, April 14th. Finally, D. Boral Capital reissued a “buy” rating and set a $23.00 price objective on shares of ImmunityBio in a report on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.20.

ImmunityBio Trading Down 1.9%

The company has a market capitalization of $8.95 billion, a P/E ratio of -10.05 and a beta of 0.03. The business’s fifty day moving average price is $7.58 and its 200-day moving average price is $6.53.

ImmunityBio (NASDAQ:IBRX) last released its earnings results on Thursday, May 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.54). The company had revenue of $44.21 million during the quarter, compared to analyst estimates of $43.07 million. As a group, equities research analysts forecast that ImmunityBio, Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On ImmunityBio

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of ImmunityBio by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 32,777,257 shares of the company’s stock valued at $64,899,000 after buying an additional 5,122,052 shares in the last quarter. State Street Corp lifted its position 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 buying an additional 5,139,890 shares during the last quarter. Geode Capital Management LLC boosted its stake in ImmunityBio by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 7,920,178 shares of the company’s stock worth $15,684,000 after buying an additional 1,030,113 shares in the last quarter. Heights Capital Management Inc. purchased a new stake in ImmunityBio in the third quarter worth approximately $16,152,000. Finally, Goldman Sachs Group Inc. grew its position 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 last quarter. 8.58% of the stock is currently 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.