State Street Corp Grows Holdings in ImmunityBio, Inc. $IBRX

Key Points

• State Street increased its ImmunityBio stake by 20.8% in the second quarter, purchasing 3.69 million shares and bringing its holdings to 21.4 million shares, or roughly 2.02% of the company. Overall, hedge funds and institutions own 8.58% of the stock.
• ImmunityBio shares were trading at $8.63 after declining 7.1%. The company reported a quarterly loss of $0.22 per share, missing estimates by $0.14, although revenue of $51.24 million exceeded expectations.
• Analyst sentiment remains mostly positive, with six Buy ratings and one Sell rating and a consensus target price of $14.20. However, insiders sold 387,410 shares worth approximately $3.56 million during the quarter.

State Street Corp raised its position in ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) by 20.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,398,438 shares of the company's stock after buying an additional 3,690,335 shares during the period. State Street Corp owned approximately 2.02% of ImmunityBio worth $187,343,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. The Manufacturers Life Insurance Company grew its position in shares of ImmunityBio by 27.5% during the second quarter. The Manufacturers Life Insurance Company now owns 243,678 shares of the company's stock worth $2,133,000 after buying an additional 52,581 shares in the last quarter. Tidal Investments LLC acquired a new position in ImmunityBio during the 2nd quarter worth $2,207,000. Engineers Gate Manager LP increased its position in shares of ImmunityBio by 577.5% in the 2nd quarter. Engineers Gate Manager LP now owns 97,576 shares of the company's stock worth $854,000 after purchasing an additional 83,173 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of ImmunityBio during the second quarter worth about $6,662,000. Finally, Arizona State Retirement System grew its stake in ImmunityBio by 4.9% in the second quarter. Arizona State Retirement System now owns 99,290 shares of the company's stock worth $869,000 after purchasing an additional 4,599 shares in the last quarter. 8.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Cheryl Cohen sold 131,210 shares of ImmunityBio stock in a transaction dated 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 $1,191,167. This trade represents a 51.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $1,438,491.56. Following the completion of the transaction, the director owned 35,064 shares of the company's stock, valued at approximately $316,277.28. This trade represents a 81.98% decrease in their position. 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 quarter, insiders sold 387,410 shares of company stock worth $3,556,442. 66.10% of the stock is currently owned by insiders.

ImmunityBio Trading Down 7.1%

Shares of ImmunityBio stock opened at $8.63 on Thursday. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of -8.90 and a beta of 0.04. ImmunityBio, Inc. has a twelve month low of $1.95 and a twelve month high of $12.43. The business's 50 day simple moving average is $7.80 and its 200-day simple moving average is $7.80.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.22) earnings per share (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. Sell-side analysts predict that ImmunityBio, Inc. will post -0.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. HC Wainwright restated a "buy" rating and set a $15.00 price objective on shares of ImmunityBio in a research note on Tuesday, June 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of ImmunityBio in a 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 company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $14.20.

About ImmunityBio

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.

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