ImmunityBio, Inc. (NASDAQ:IBRX) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analyst sentiment is moderately bullish: Six of seven covering firms rate ImmunityBio a “buy,” while one rates it a sell. The average 12-month price target is $14.20 versus a recent price of $7.91.
• Recent earnings fell short on profitability: ImmunityBio reported a quarterly loss of $0.22 per share, missing the $0.08-loss consensus, although revenue of $51.24 million exceeded estimates.
• Insiders have been selling shares: Company insiders sold 412,410 shares worth approximately $3.75 million over the past quarter, while insiders collectively retain a 66.1% ownership stake.

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) have earned an average rating of "Moderate Buy" from the seven ratings firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $14.20.

IBRX has been the subject of several analyst reports. HC Wainwright reissued a "buy" rating and issued a $15.00 price objective on shares of ImmunityBio in a research note on Tuesday, June 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ImmunityBio in a research note on Friday, July 10th. Finally, BTIG Research reiterated a "buy" rating and issued a $12.00 price target on shares of ImmunityBio in a report on Thursday, May 21st.

ImmunityBio Stock Performance

NASDAQ IBRX opened at $7.91 on Friday. The business's 50 day moving average price is $7.79 and its 200-day moving average price is $7.89. The company has a market cap of $8.38 billion, a P/E ratio of -8.15 and a beta of 0.04. ImmunityBio has a fifty-two week low of $1.95 and a fifty-two week high of $12.43.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.14). The firm had revenue of $51.24 million for the quarter, compared to analyst estimates of $49.70 million. As a group, equities analysts predict that ImmunityBio will post -0.44 EPS for the current year.

Insiders Place Their Bets

In other news, Director Barry J. Simon sold 25,000 shares of the business's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $7.88, for a total transaction of $197,000.00. Following the completion of the sale, the director directly owned 2,802,788 shares of the company's stock, valued at approximately $22,085,969.44. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 firm's stock in a transaction dated 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 transaction, the director directly owned 35,064 shares in the company, valued at $316,277.28. This 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 412,410 shares of company stock worth $3,753,442 over the last quarter. Company insiders own 66.10% of the company's stock.

Hedge Funds Weigh In On ImmunityBio

A number of hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its stake in shares of ImmunityBio by 193.4% during the first quarter. AQR Capital Management LLC now owns 44,448 shares of the company's stock valued at $134,000 after acquiring an additional 29,297 shares in the last quarter. Creative Planning increased its holdings in ImmunityBio by 9.2% during the 2nd quarter. Creative Planning now owns 62,028 shares of the company's stock worth $164,000 after purchasing an additional 5,231 shares during the period. Cetera Investment Advisers raised its position in ImmunityBio by 56.9% during the 2nd quarter. Cetera Investment Advisers now owns 18,551 shares of the company's stock valued at $49,000 after purchasing an additional 6,731 shares in the last quarter. JPMorgan Chase & Co. raised its position in ImmunityBio by 5.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,071,736 shares of the company's stock valued at $2,829,000 after purchasing an additional 52,782 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of ImmunityBio by 11.8% in the 2nd quarter. Legal & General Group Plc now owns 205,478 shares of the company's stock worth $542,000 after buying an additional 21,715 shares during the period. 8.58% of the stock is currently owned by institutional investors.

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.

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