Arete Wealth Advisors LLC Makes New Investment in ImmunityBio, Inc. $IBRX

Key Points

• Arete Wealth Advisors acquired 586,734 ImmunityBio shares worth approximately $4.5 million, giving it a 0.06% stake. Institutional investors collectively own 8.58% of the company.
• ImmunityBio insiders sold 435,443 shares valued at $3.92 million over the past 90 days, including significant sales by directors Cheryl Cohen and Barry J. Simon under pre-arranged trading plans.
• Analyst sentiment remains generally positive, with six Buy ratings and one Sell rating and an average price target of $14.20. The stock recently opened at $6.97, while the company reported a quarterly EPS loss of $0.62, missing estimates, despite revenue of $44.21 million.

Arete Wealth Advisors LLC acquired a new stake in ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 586,734 shares of the company's stock, valued at approximately $4,500,000. Arete Wealth Advisors LLC owned 0.06% of ImmunityBio at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of IBRX. Mariner LLC increased its holdings in ImmunityBio by 10.5% during the 4th quarter. Mariner LLC now owns 17,814 shares of the company's stock valued at $35,000 after purchasing an additional 1,689 shares during the period. Sanctuary Advisors LLC lifted its holdings in ImmunityBio by 6.9% in the 4th quarter. Sanctuary Advisors LLC now owns 29,547 shares of the company's stock worth $59,000 after buying an additional 1,918 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in ImmunityBio by 8.6% in the 4th quarter. Sequoia Financial Advisors LLC now owns 28,783 shares of the company's stock worth $57,000 after buying an additional 2,271 shares during the period. Archer Investment Corp grew its position in shares of ImmunityBio by 67.1% in the 1st quarter. Archer Investment Corp now owns 5,872 shares of the company's stock worth $45,000 after buying an additional 2,358 shares during the last quarter. Finally, Mutual Advisors LLC grew its position in shares of ImmunityBio by 9.0% in the 4th quarter. Mutual Advisors LLC now owns 30,200 shares of the company's stock worth $60,000 after buying an additional 2,500 shares during the last quarter. 8.58% of the stock is owned by institutional investors.

Insider Buying and Selling at ImmunityBio

In other news, Director Cheryl Cohen sold 131,210 shares of the business's stock in a transaction on 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 sale, the director owned 125,386 shares in the company, valued at approximately $1,191,167. The trade was a 51.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Barry J. Simon sold 25,000 shares of the company's stock in a transaction dated Wednesday, June 24th. The stock was 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 in the company, valued at $22,085,969.44. This represents a 0.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 435,443 shares of company stock valued at $3,918,819. 66.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. BTIG Research reissued a "buy" rating and set a $12.00 target price on shares of ImmunityBio in a research note on Thursday, May 21st. HC Wainwright reaffirmed a "buy" rating and issued a $15.00 price target on shares of ImmunityBio in a research note on Tuesday, June 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of ImmunityBio in a report on Friday, July 10th. Finally, D. Boral Capital reissued a "buy" rating and set a $23.00 price objective on shares of ImmunityBio in a research report on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $14.20.

ImmunityBio Stock Performance

ImmunityBio stock opened at $6.97 on Wednesday. ImmunityBio, Inc. has a fifty-two week low of $1.95 and a fifty-two week high of $12.43. The stock's 50 day simple moving average is $7.73 and its two-hundred day simple moving average is $7.46. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of -8.20 and a beta of 0.01.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.54). The firm had revenue of $44.21 million during the quarter, compared to analysts' expectations of $43.07 million. On average, analysts predict that ImmunityBio, Inc. will post -0.31 earnings per share for the current year.

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.

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