ImmunityBio, Inc. (NASDAQ:IBRX) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst consensus is “Moderate Buy”: Six of seven covering brokerages rate ImmunityBio a buy, while one assigns a sell rating. The average 12-month price target is $14.20, compared with the reported share price of $7.72.
• Quarterly results missed on earnings: ImmunityBio reported an adjusted loss of $0.22 per share, wider than the $0.08 consensus loss, although revenue of $51.24 million exceeded estimates of $49.70 million.
• Insiders reduced their holdings: Company directors sold a combined 290,688 shares in early July, and insiders sold 435,443 shares worth approximately $3.92 million over the past quarter. Insiders still own 66.10% of the company, while institutions own 8.58%.

Shares of ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) have been given a consensus rating of "Moderate Buy" by the seven brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $14.20.

A number of equities analysts have recently commented on IBRX shares. D. Boral Capital reaffirmed a "buy" rating and issued a $23.00 target price on shares of ImmunityBio in a report on Tuesday, May 5th. HC Wainwright reiterated a "buy" rating and set a $15.00 price target on shares of ImmunityBio in a research note on Tuesday, June 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of ImmunityBio in a research report on Friday, July 10th. Finally, BTIG Research restated a "buy" rating and issued a $12.00 price objective on shares of ImmunityBio in a research note on Thursday, May 21st.

ImmunityBio Stock Performance

ImmunityBio stock opened at $7.72 on Wednesday. The company has a market capitalization of $8.18 billion, a P/E ratio of -7.96 and a beta of 0.03. ImmunityBio has a fifty-two week low of $1.95 and a fifty-two week high of $12.43. The stock has a 50-day simple moving average of $7.73 and a 200-day simple moving average of $7.72.

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

Insider Buying and Selling

In related news, Director Cheryl Cohen sold 131,210 shares of the firm's stock in a transaction dated 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 owned 125,386 shares of the company's stock, valued at $1,191,167. This trade represents a 51.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 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 value of $1,438,491.56. Following the completion of the transaction, the director owned 35,064 shares in the company, valued at $316,277.28. This trade represents a 81.98% decrease in their position. 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. Insiders have sold a total of 435,443 shares of company stock valued at $3,918,819 over the last quarter. 66.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of IBRX. Mariner LLC increased its holdings in ImmunityBio by 10.5% in the fourth quarter. Mariner LLC now owns 17,814 shares of the company's stock valued at $35,000 after buying an additional 1,689 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in shares of ImmunityBio by 6.9% during the 4th quarter. Sanctuary Advisors LLC now owns 29,547 shares of the company's stock worth $59,000 after acquiring an additional 1,918 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of ImmunityBio by 8.6% during the 4th quarter. Sequoia Financial Advisors LLC now owns 28,783 shares of the company's stock worth $57,000 after acquiring an additional 2,271 shares in the last quarter. Archer Investment Corp grew its holdings in shares of ImmunityBio by 67.1% in the 1st quarter. Archer Investment Corp now owns 5,872 shares of the company's stock worth $45,000 after acquiring an additional 2,358 shares during the period. Finally, Mutual Advisors LLC grew its holdings in shares of ImmunityBio by 9.0% in the 4th quarter. Mutual Advisors LLC now owns 30,200 shares of the company's stock worth $60,000 after acquiring an additional 2,500 shares during the period. Institutional investors and hedge funds own 8.58% of the company's stock.

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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