BlackRock Inc. Raises Stock Position in ImmunityBio, Inc. $IBRX

Key Points

• BlackRock increased its ImmunityBio position by 29.4% in the second quarter, adding 7.7 million shares to own 34.1 million shares, or approximately 3.22% of the company valued at $298.4 million.
• ImmunityBio shares opened at $8.25, while the company reported a quarterly loss of $0.22 per share—worse than the $0.08 consensus estimate—despite revenue of $51.24 million exceeding forecasts.
• Analyst sentiment remains generally positive, with six Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an average price target of $14.20. Meanwhile, insiders sold 435,443 shares worth $3.9 million during the last quarter.

BlackRock Inc. increased its position in shares of ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) by 29.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,083,262 shares of the company's stock after acquiring an additional 7,736,819 shares during the period. BlackRock Inc. owned approximately 3.22% of ImmunityBio worth $298,399,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. WealthPlan Investment Management LLC bought a new position in shares of ImmunityBio in the fourth quarter worth $27,000. Diversify Advisory Services LLC purchased a new position in ImmunityBio during the second quarter worth about $27,000. Kovack Advisors Inc. bought a new position in ImmunityBio in the 4th quarter worth about $27,000. Empowered Funds LLC bought a new position in ImmunityBio in the 4th quarter worth about $28,000. Finally, Daybright Advisory Services Inc. purchased a new stake in shares of ImmunityBio in the 4th quarter valued at about $29,000. 8.58% of the stock is owned by institutional investors.

ImmunityBio Price Performance

Shares of ImmunityBio stock opened at $8.25 on Thursday. ImmunityBio, Inc. has a one year low of $1.95 and a one year high of $12.43. The business's 50 day simple moving average is $7.84 and its two-hundred day simple moving average is $7.81. The stock has a market capitalization of $8.74 billion, a P/E ratio of -8.51 and a beta of 0.03.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly 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 business had revenue of $51.24 million for the quarter, compared to analyst estimates of $49.70 million. Sell-side analysts expect that ImmunityBio, Inc. will post -0.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Activity at ImmunityBio

In other ImmunityBio news, Director Cheryl Cohen sold 131,210 shares of the company'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 transaction of $1,246,495.00. Following the transaction, the director owned 125,386 shares in the company, valued at approximately $1,191,167. This represents a 51.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 on Wednesday, June 24th. The stock was sold at an average price of $7.88, for a total value of $197,000.00. Following the completion of the sale, the director directly owned 2,802,788 shares in the company, valued at approximately $22,085,969.44. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 over the last quarter. Corporate insiders own 66.10% of the company's stock.

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.

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