Bank of America Corp DE Purchases 2,184,489 Shares of ImmunityBio, Inc. $IBRX

Key Points

• Bank of America acquired 2.18 million ImmunityBio shares during the second quarter, valued at approximately $19.1 million and representing about 0.21% of the company.
• ImmunityBio shares opened at $8.64, near their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.22 per share, missing estimates, despite revenue of $51.24 million exceeding expectations.
• Analyst sentiment remains generally positive, with six Buy ratings and one Sell rating and a consensus “Moderate Buy” rating. However, insiders sold 387,410 shares worth roughly $3.56 million over the past three months.

Bank of America Corp DE acquired a new stake in shares of ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,184,489 shares of the company's stock, valued at approximately $19,125,000. Bank of America Corp DE owned about 0.21% of ImmunityBio at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Archer Investment Corp increased its stake in 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 purchasing an additional 2,358 shares during the period. Principal Financial Group Inc. raised its holdings in ImmunityBio by 18.3% during the 1st quarter. Principal Financial Group Inc. now owns 19,710 shares of the company's stock valued at $151,000 after buying an additional 3,050 shares during the last quarter. Wealth Effects LLC raised its holdings in ImmunityBio by 3.0% during the 2nd quarter. Wealth Effects LLC now owns 121,850 shares of the company's stock valued at $1,067,000 after buying an additional 3,500 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in ImmunityBio by 11.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 39,030 shares of the company's stock valued at $299,000 after buying an additional 3,930 shares during the period. Finally, Journey Advisory Group LLC boosted its position in ImmunityBio by 28.1% during the 2nd quarter. Journey Advisory Group LLC now owns 18,123 shares of the company's stock valued at $159,000 after buying an additional 3,973 shares during the period. 8.58% of the stock is owned by institutional investors.

ImmunityBio Trading Up 0.1%

Shares of ImmunityBio stock opened at $8.64 on Friday. The company's fifty day simple moving average is $7.83 and its two-hundred day simple moving average is $7.80. The company has a market cap of $9.16 billion, a P/E ratio of -8.91 and a beta of 0.04. ImmunityBio, Inc. has a 12-month low of $1.95 and a 12-month high of $12.43.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.22) EPS 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 analysts' expectations of $49.70 million. Analysts predict that ImmunityBio, Inc. will post -0.44 EPS for the current fiscal year.

Insider Transactions at ImmunityBio

In other ImmunityBio news, Director Christobel Selecky sold 159,478 shares of the firm's stock in a transaction dated 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cheryl Cohen sold 131,210 shares of ImmunityBio stock in a transaction that occurred on Thursday, July 2nd. The shares were 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 approximately $1,191,167. The trade was a 51.13% 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 three months, insiders sold 387,410 shares of company stock valued at $3,556,442. 66.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IBRX. HC Wainwright restated a "buy" rating and issued a $15.00 price objective on shares of ImmunityBio in a research report on Tuesday, June 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of ImmunityBio in a report on Friday, July 10th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, ImmunityBio currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.20.

ImmunityBio Profile

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.

Want to see what other hedge funds are holding IBRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ImmunityBio, Inc. (NASDAQ:IBRX - Free Report).

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.