ImmunityBio (NASDAQ:IBRX) Trading Down 7.6% After Insider Selling

ImmunityBio, Inc. (NASDAQ:IBRX) was down 7.6% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $8.67 and last traded at $8.7230. 3,883,821 shares were traded during trading, a decline of 85% from the average session volume of 26,095,385 shares. The stock had previously closed at $9.44.

Specifically, Director Christobel Selecky sold 159,478 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $9.02, for a total value of $1,438,491.56. Following the sale, the director directly owned 35,064 shares in the company, valued at $316,277.28. This trade represents a 81.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, 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 position. 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 related news, Director Christobel Selecky sold 95,722 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $9.01, for a total value of $862,455.22. Following the completion of the sale, the director owned 32,173 shares in the company, valued at approximately $289,878.73. This trade represents a 74.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several brokerages recently issued reports on IBRX. Weiss Ratings restated a “sell (d-)” rating on shares of ImmunityBio in a research note on Tuesday, April 14th. D. Boral Capital restated a “buy” rating and issued a $23.00 target price on shares of ImmunityBio in a research note on Tuesday, May 5th. BTIG Research reaffirmed a “buy” rating and issued a $12.00 target price on shares of ImmunityBio in a research report on Thursday, May 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of ImmunityBio in a research note on Tuesday, June 2nd. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.20.

ImmunityBio Stock Down 1.7%

The company has a market capitalization of $9.17 billion, a P/E ratio of -10.31 and a beta of 0.01. The stock has a fifty day simple moving average of $7.75 and a 200-day simple moving average of $6.86.

ImmunityBio (NASDAQ:IBRX) last announced its earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.54). The company had revenue of $44.21 million for the quarter, compared to analyst estimates of $43.07 million. Analysts predict that ImmunityBio, Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ImmunityBio

Hedge funds have recently added to or reduced their stakes in the stock. Swiss Life Asset Management Ltd bought a new stake in shares of ImmunityBio during the third quarter valued at approximately $27,000. WealthPlan Investment Management LLC acquired a new stake in ImmunityBio in the fourth quarter worth about $27,000. Diversify Advisory Services LLC bought a new stake in ImmunityBio during the 2nd quarter worth about $27,000. Kovack Advisors Inc. bought a new stake in ImmunityBio during the 4th quarter worth about $27,000. Finally, Cherry Creek Investment Advisors Inc. acquired a new position in ImmunityBio during the 4th quarter valued at about $28,000. Institutional investors 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.