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, while institutional investors collectively own 8.58% of the company.
• ImmunityBio reported a quarterly loss of $0.62 per share, missing estimates by $0.54, though revenue of $44.21 million exceeded expectations. Shares opened at $7.17, within a 52-week range of $1.95 to $12.43.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $14.20, but insiders sold 435,443 shares worth about $3.9 million over the past 90 days.

Arete Wealth Advisors LLC acquired a new position in shares of ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 586,734 shares of the company's stock, valued at approximately $4,500,000. Arete Wealth Advisors LLC owned about 0.06% of ImmunityBio at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WealthPlan Investment Management LLC purchased a new position in shares of ImmunityBio in the 4th quarter worth approximately $27,000. Diversify Advisory Services LLC purchased a new stake in ImmunityBio during the second quarter valued at approximately $27,000. Kovack Advisors Inc. acquired a new stake in ImmunityBio in the fourth quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in ImmunityBio in the fourth quarter valued at approximately $28,000. Finally, Empowered Funds LLC purchased a new position in ImmunityBio in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 8.58% of the company's stock.

ImmunityBio Stock Performance

Shares of IBRX stock opened at $7.17 on Friday. ImmunityBio, Inc. has a fifty-two week low of $1.95 and a fifty-two week high of $12.43. The firm has a market capitalization of $7.51 billion, a PE ratio of -8.44 and a beta of 0.01. The stock's 50-day simple moving average is $7.70 and its 200-day simple moving average is $7.52.

ImmunityBio (NASDAQ:IBRX - Get Free Report) 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 analysts' expectations of $43.07 million. Sell-side analysts forecast that ImmunityBio, Inc. will post -0.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IBRX. D. Boral Capital reaffirmed a "buy" rating and set a $23.00 price target on shares of ImmunityBio in a research report on Tuesday, May 5th. HC Wainwright restated a "buy" rating and set a $15.00 target price 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 report on Friday, July 10th. Finally, BTIG Research reiterated a "buy" rating and issued a $12.00 price target on shares of ImmunityBio in a research note on Thursday, May 21st. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $14.20.

Insider Buying and Selling at ImmunityBio

In other ImmunityBio news, Director Christobel Selecky sold 159,478 shares of the company's stock in a transaction that occurred 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 sale, the director owned 35,064 shares in the company, valued at approximately $316,277.28. This represents a 81.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Barry J. Simon sold 25,000 shares of ImmunityBio 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 transaction, the director directly owned 2,802,788 shares of the company's stock, valued at $22,085,969.44. The trade was a 0.88% 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. Over the last ninety days, insiders sold 435,443 shares of company stock valued at $3,918,819. 66.10% of the stock is owned by company insiders.

About ImmunityBio

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.