Bleakley Financial Group LLC Makes New Investment in ImmunityBio, Inc. $IBRX

Key Points

• Bleakley Financial Group initiated a new position in ImmunityBio during the first quarter, buying 163,572 shares valued at about $1.26 million.
• Several other institutional investors also added to or opened stakes in the biotech company, while insiders sold shares in recent months. Notably, director Christobel Selecky sold 159,478 shares, and insiders have sold 435,443 shares over the last three months.
• ImmunityBio reported a wider-than-expected quarterly loss, posting EPS of ($0.62) versus analysts’ estimate of ($0.08), though revenue came in slightly above expectations at $44.21 million. Analysts currently maintain a Moderate Buy rating with an average price target of $14.20.

Bleakley Financial Group LLC acquired a new position in shares of ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 163,572 shares of the company's stock, valued at approximately $1,255,000.

Other large investors also recently modified their holdings of the company. Archer Investment Corp lifted its stake in ImmunityBio by 67.1% in the first quarter. Archer Investment Corp now owns 5,872 shares of the company's stock valued at $45,000 after buying an additional 2,358 shares during the period. Hodges Capital Management Inc. purchased a new position in shares of ImmunityBio in the first quarter worth about $77,000. Aaron Wealth Advisors LLC purchased a new position in ImmunityBio during the 1st quarter valued at about $78,000. Mayflower Financial Advisors LLC purchased a new stake in ImmunityBio in the first quarter valued at approximately $78,000. Finally, Diversify Advisory Services LLC bought a new stake in ImmunityBio in the 2nd quarter worth approximately $27,000. 8.58% of the stock is currently owned by institutional investors.

Insider Activity

In other ImmunityBio news, Director Christobel Selecky sold 159,478 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $9.02, for a total transaction of $1,438,491.56. Following the transaction, the director directly owned 35,064 shares in the company, valued at approximately $316,277.28. This represents a 81.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 the company's stock in a transaction dated 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 owned 2,802,788 shares in the company, valued at approximately $22,085,969.44. This trade represents 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 sold 435,443 shares of company stock valued at $3,918,819 in the last three months. 66.10% of the stock is currently owned by company insiders.

ImmunityBio Price Performance

Shares of NASDAQ:IBRX opened at $7.68 on Friday. The business's 50 day moving average price is $7.82 and its 200-day moving average price is $7.16. The firm has a market capitalization of $8.04 billion, a PE ratio of -9.04 and a beta of 0.01. ImmunityBio, Inc. has a 1 year low of $1.95 and a 1 year high of $12.43.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.54). The firm had revenue of $44.21 million for the quarter, compared to analyst estimates of $43.07 million. As a group, analysts expect that ImmunityBio, Inc. will post -0.31 earnings per share for the current year.

Analysts Set New Price Targets

IBRX has been the topic of several recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $15.00 price target on shares of ImmunityBio in a report on Tuesday, June 2nd. BTIG Research reaffirmed a "buy" rating and set a $12.00 price target on shares of ImmunityBio in a report on Thursday, May 21st. D. Boral Capital reaffirmed a "buy" rating and set a $23.00 price objective on shares of ImmunityBio in a report on Tuesday, May 5th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of ImmunityBio in a report on Friday, July 10th. Six equities research 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, ImmunityBio has an average rating of "Moderate Buy" and an average price target of $14.20.

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.