Royal Bank of Canada Has $11.40 Million Holdings in ImmunityBio, Inc. $IBRX

Key Points

• Royal Bank of Canada increased its ImmunityBio stake by 1,731.8% in the first quarter, acquiring 1.4 million additional shares for a total holding valued at approximately $11.4 million. Institutional investors and hedge funds collectively own 8.58% of the company.
• Analyst sentiment remains largely positive, with six Buy ratings and one Sell rating producing a consensus “Moderate Buy” rating and an average price target of $14.20. Individual analyst targets range from $12 to $23.
• ImmunityBio shares opened at $7.64, while the company reported a quarterly loss of $0.22 per share—worse than the expected $0.08 loss—despite revenue of $51.24 million exceeding estimates.

Royal Bank of Canada grew its stake in ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) by 1,731.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,486,049 shares of the company's stock after acquiring an additional 1,404,922 shares during the period. Royal Bank of Canada owned 0.14% of ImmunityBio worth $11,399,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. AQR Capital Management LLC increased its holdings in shares of ImmunityBio by 193.4% in the first quarter. AQR Capital Management LLC now owns 44,448 shares of the company's stock valued at $134,000 after purchasing an additional 29,297 shares in the last quarter. Creative Planning raised its position in ImmunityBio by 9.2% in the 2nd quarter. Creative Planning now owns 62,028 shares of the company's stock worth $164,000 after purchasing an additional 5,231 shares during the last quarter. Cetera Investment Advisers lifted its holdings in ImmunityBio by 56.9% during the 2nd quarter. Cetera Investment Advisers now owns 18,551 shares of the company's stock worth $49,000 after buying an additional 6,731 shares in the last quarter. JPMorgan Chase & Co. boosted its position in ImmunityBio by 5.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,071,736 shares of the company's stock valued at $2,829,000 after buying an additional 52,782 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in ImmunityBio by 11.8% in the 2nd quarter. Legal & General Group Plc now owns 205,478 shares of the company's stock valued at $542,000 after buying an additional 21,715 shares during the last quarter. 8.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Transactions at ImmunityBio

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

ImmunityBio Stock Up 4.4%

NASDAQ:IBRX opened at $7.64 on Friday. ImmunityBio, Inc. has a 12-month low of $1.95 and a 12-month high of $12.43. The stock's fifty day simple moving average is $7.66 and its 200-day simple moving average is $7.65. The firm has a market capitalization of $8.10 billion, a P/E ratio of -7.88 and a beta of 0.03.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.22) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.14). The company had revenue of $51.24 million during the quarter, compared to analyst estimates of $49.70 million. As a group, equities research analysts expect that ImmunityBio, Inc. will post -0.44 earnings per share for the current year.

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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