Rafferty Asset Management LLC Grows Stake in ImmunityBio, Inc. $IBRX

Key Points

• Rafferty Asset Management increased its stake in ImmunityBio (NASDAQ:IBRX) by 79.2% in Q3 to 452,458 shares, valued at about $1.11 million.
• Analysts have recently raised price targets (up to $23) and the stock carries a consensus rating of Moderate Buy with an average target of $13.60.
• Insiders have sold 501,967 shares worth roughly $4.47 million in the last three months, although corporate insiders still own 69.48% of the company.

Rafferty Asset Management LLC grew its stake in ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) by 79.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 452,458 shares of the company's stock after purchasing an additional 199,990 shares during the period. Rafferty Asset Management LLC's holdings in ImmunityBio were worth $1,113,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Slow Capital Inc. bought a new stake in ImmunityBio in the third quarter worth $25,000. Truist Financial Corp purchased a new stake in shares of ImmunityBio in the third quarter valued at $27,000. Diversify Advisory Services LLC purchased a new stake in shares of ImmunityBio in the second quarter valued at $27,000. Summit X LLC bought a new stake in shares of ImmunityBio in the 2nd quarter worth about $28,000. Finally, Envision Financial Planning LLC purchased a new position in shares of ImmunityBio during the 2nd quarter worth about $28,000. Institutional investors own 8.58% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on IBRX shares. Jefferies Financial Group upped their price target on shares of ImmunityBio from $8.00 to $9.00 and gave the company a "buy" rating in a report on Friday, December 12th. HC Wainwright upped their target price on ImmunityBio from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, February 23rd. Piper Sandler reiterated an "overweight" rating and issued a $12.00 price target (up from $7.00) on shares of ImmunityBio in a report on Wednesday. D. Boral Capital reissued a "buy" rating and set a $23.00 price target on shares of ImmunityBio in a research note on Monday, February 23rd. Finally, The Goldman Sachs Group restated a "buy" rating on shares of ImmunityBio in a report on Monday, February 23rd. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $13.60.

ImmunityBio Stock Performance

Shares of NASDAQ:IBRX opened at $8.67 on Friday. The firm's 50 day simple moving average is $6.00 and its 200-day simple moving average is $3.61. ImmunityBio, Inc. has a one year low of $1.83 and a one year high of $12.43. The firm has a market cap of $8.91 billion, a PE ratio of -22.82 and a beta of -0.03.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The firm had revenue of $38.29 million during the quarter. Equities research analysts predict that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other ImmunityBio news, Director Christobel Selecky sold 50,000 shares of the stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Barry J. Simon sold 165,000 shares of the firm's stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $10.25, for a total transaction of $1,691,250.00. Following the transaction, the director directly owned 2,925,821 shares in the company, valued at $29,989,665.25. This trade represents a 5.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 501,967 shares of company stock worth $4,466,412 in the last three months. Corporate insiders own 69.48% of the company's stock.

ImmunityBio 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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