Tidal Investments LLC Acquires New Stake in ImmunityBio, Inc. $IBRX

Key Points

• Tidal Investments acquired a new 252,048-share stake in ImmunityBio during the second quarter, valued at approximately $2.2 million. Institutional investors and hedge funds collectively own 8.58% of the company.
• ImmunityBio reported a quarterly loss of $0.22 per share, missing analyst expectations of a $0.08 loss, while revenue of $51.24 million exceeded estimates. Analysts expect a full-year loss of $0.44 per share.
• IBRX shares opened at $7.91, compared with a consensus analyst price target of $14.20 and a “Moderate Buy” rating. However, insiders sold 412,410 shares worth approximately $3.75 million over the past 90 days.

Tidal Investments LLC bought a new position in shares of ImmunityBio, Inc. (NASDAQ:IBRX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 252,048 shares of the company's stock, valued at approximately $2,207,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IBRX. BlackRock Inc. grew its position in shares of ImmunityBio by 29.4% in the 2nd quarter. BlackRock Inc. now owns 34,083,262 shares of the company's stock valued at $298,399,000 after buying an additional 7,736,819 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of ImmunityBio in the second quarter worth approximately $19,125,000. SEB Asset Management AB acquired a new position in shares of ImmunityBio in the first quarter worth approximately $18,770,000. Private Advisor Group LLC boosted its holdings in ImmunityBio by 923.5% in the first quarter. Private Advisor Group LLC now owns 1,648,556 shares of the company's stock valued at $12,644,000 after acquiring an additional 1,487,482 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in ImmunityBio by 58.1% in the second quarter. Bank of New York Mellon Corp now owns 1,314,760 shares of the company's stock valued at $11,511,000 after acquiring an additional 483,330 shares during the last quarter. 8.58% of the stock is owned by institutional investors and hedge funds.

ImmunityBio Price Performance

Shares of IBRX opened at $7.91 on Thursday. The stock has a 50-day moving average of $7.75 and a 200-day moving average of $7.83. The company has a market cap of $8.38 billion, a PE ratio of -8.15 and a beta of 0.04. ImmunityBio, Inc. has a one year low of $1.95 and a one year high of $12.43.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last posted its quarterly 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 company had revenue of $51.24 million during the quarter, compared to analyst estimates of $49.70 million. Analysts expect that ImmunityBio, Inc. will post -0.44 EPS for the current fiscal year.

Insider Transactions at ImmunityBio

In other news, Director Cheryl Cohen sold 131,210 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $9.50, for a total transaction of $1,246,495.00. Following the transaction, the director directly owned 125,386 shares of the company's stock, valued at $1,191,167. This represents a 51.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christobel Selecky sold 159,478 shares of ImmunityBio stock in a transaction on 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 approximately $316,277.28. The trade was 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. Insiders have sold 412,410 shares of company stock valued at $3,753,442 over the last ninety days. 66.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

ImmunityBio Company Profile

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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