The Manufacturers Life Insurance Company Invests $2.13 Million in ImmunityBio, Inc. $IBRX

Key Points

• The Manufacturers Life Insurance Company acquired 243,678 ImmunityBio shares during the second quarter, valued at approximately $2.13 million. Institutional investors and hedge funds collectively own 8.58% of the company.
• Analyst sentiment is generally positive, with six Buy ratings and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $14.20.
• ImmunityBio reported a quarterly loss of $0.22 per share, missing estimates of a $0.08 loss, while revenue of $51.24 million exceeded the $49.70 million consensus forecast. Insiders sold 412,410 shares worth about $3.75 million over the past 90 days.

The Manufacturers Life Insurance Company acquired a new position in ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 243,678 shares of the company's stock, valued at approximately $2,133,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. AQR Capital Management LLC raised its position in ImmunityBio by 193.4% during the 1st quarter. AQR Capital Management LLC now owns 44,448 shares of the company's stock worth $134,000 after purchasing an additional 29,297 shares during the last quarter. Creative Planning grew its position in shares of ImmunityBio by 9.2% in the 2nd quarter. Creative Planning now owns 62,028 shares of the company's stock valued at $164,000 after buying an additional 5,231 shares during the last quarter. Cetera Investment Advisers grew its position in shares of ImmunityBio by 56.9% in the 2nd quarter. Cetera Investment Advisers now owns 18,551 shares of the company's stock valued at $49,000 after buying an additional 6,731 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of ImmunityBio by 5.2% in the second 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 period. Finally, Legal & General Group Plc increased its stake in shares of ImmunityBio by 11.8% in the second 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 period. 8.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IBRX has been the topic of a number of recent analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $15.00 price objective on shares of ImmunityBio in a research note on Tuesday, June 2nd. Weiss Ratings restated a "sell (d-)" rating on shares of ImmunityBio in a report on Friday, July 10th. Finally, BTIG Research restated a "buy" rating and issued a $12.00 price target on shares of ImmunityBio in a research report on Thursday, May 21st. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $14.20.

Insider Buying and Selling at ImmunityBio

In other news, Director Christobel Selecky sold 159,478 shares of the business'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 completion of the sale, the director directly owned 35,064 shares of the company's stock, valued at $316,277.28. The trade was a 81.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 stock was 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 412,410 shares of company stock worth $3,753,442. 66.10% of the stock is owned by corporate insiders.

ImmunityBio Stock Performance

Shares of NASDAQ:IBRX opened at $7.95 on Thursday. ImmunityBio, Inc. has a 52-week low of $1.95 and a 52-week high of $12.43. The business's 50 day simple moving average is $7.90 and its two-hundred day simple moving average is $7.86. The firm has a market cap of $8.43 billion, a P/E ratio of -8.20 and a beta of 0.04.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.22) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.14). The firm had revenue of $51.24 million during the quarter, compared to the consensus estimate of $49.70 million. On average, equities analysts forecast that ImmunityBio, Inc. will post -0.44 earnings per share for the current fiscal year.

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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