Cutler Investment Counsel LLC Takes Position in ImmunityBio, Inc. $IBRX

Cutler Investment Counsel LLC purchased a new stake in shares of ImmunityBio, Inc. (NASDAQ:IBRX) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 100,000 shares of the company’s stock, valued at approximately $767,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. raised its holdings in shares of ImmunityBio by 579.3% during the first quarter. Geneos Wealth Management Inc. now owns 5,754 shares of the company’s stock worth $44,000 after purchasing an additional 4,907 shares during the period. Archer Investment Corp grew its position in shares of ImmunityBio by 67.1% during the 1st quarter. Archer Investment Corp now owns 5,872 shares of the company’s stock valued at $45,000 after buying an additional 2,358 shares during the last quarter. Hodges Capital Management Inc. acquired a new stake in ImmunityBio during the first quarter worth about $77,000. Aaron Wealth Advisors LLC bought a new position in ImmunityBio in the first quarter worth about $78,000. Finally, Allspring Global Investments Holdings LLC bought a new position in ImmunityBio in the first quarter worth about $73,000. Institutional investors and hedge funds own 8.58% of the company’s stock.

Analyst Upgrades and Downgrades

IBRX has been the topic of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of ImmunityBio in a research report on Tuesday, June 2nd. D. Boral Capital restated a “buy” rating and set a $23.00 price objective on shares of ImmunityBio in a research note on Tuesday, May 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ImmunityBio in a research report on Friday, July 10th. Finally, 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. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.20.

ImmunityBio Trading Down 2.5%

NASDAQ IBRX opened at $7.49 on Tuesday. ImmunityBio, Inc. has a 52 week low of $1.95 and a 52 week high of $12.43. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of -8.81 and a beta of 0.01. The company has a 50-day moving average price of $7.81 and a two-hundred day moving average price of $7.23.

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

Insider Activity at ImmunityBio

In related news, Director Cheryl Cohen sold 131,210 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was 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 $1,191,167. This trade represents a 51.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $1,438,491.56. Following the transaction, the director owned 35,064 shares of the company’s stock, valued at $316,277.28. This trade represents 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 have sold a total of 435,443 shares of company stock worth $3,918,819 in the last three months. 66.10% of the stock is owned by company insiders.

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.