ImmunityBio (NASDAQ:IBRX) Posts Earnings Results, Misses Estimates By $0.14 EPS

Key Points

• ImmunityBio reported a quarterly loss of $0.22 per share, missing the consensus estimate of a $0.08 loss by $0.14. Revenue of $51.24 million exceeded expectations of $49.70 million.
• Shares fell 5.2% to $6.78 following the results. The stock remains well below its 52-week high of $12.43, despite a consensus analyst rating of “Moderate Buy” and an average price target of $14.20.
• Insiders sold 435,443 shares worth approximately $3.9 million over the past 90 days, while institutional ownership increased as several hedge funds expanded their positions.

ImmunityBio (NASDAQ:IBRX - Get Free Report) issued its earnings results on Tuesday. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.14), FiscalAI reports. The firm had revenue of $51.24 million during the quarter, compared to the consensus estimate of $49.70 million.

ImmunityBio Stock Down 5.2%

IBRX stock traded down $0.38 during midday trading on Tuesday, hitting $6.78. The company's stock had a trading volume of 6,078,297 shares, compared to its average volume of 23,739,721. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of -7.95 and a beta of 0.03. The stock's 50-day moving average price is $7.70 and its 200 day moving average price is $7.59. ImmunityBio has a 1 year low of $1.95 and a 1 year high of $12.43.

Insiders Place Their Bets

In other ImmunityBio news, Director Cheryl Cohen sold 131,210 shares of the company's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $9.50, for a total transaction of $1,246,495.00. Following the sale, 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 transaction 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 the firm's stock in a transaction that occurred on 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 directly owned 35,064 shares of the company's stock, valued at approximately $316,277.28. This trade represents a 81.98% 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. Over the last 90 days, insiders have sold 435,443 shares of company stock valued at $3,918,819. Company insiders own 66.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IBRX. State Street Corp lifted its stake in ImmunityBio by 45.4% in the 4th quarter. State Street Corp now owns 16,455,703 shares of the company's stock worth $32,582,000 after purchasing an additional 5,139,890 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ImmunityBio by 439.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,152,684 shares of the company's stock worth $12,182,000 after buying an additional 5,012,001 shares in the last quarter. Woodline Partners LP raised its position in shares of ImmunityBio by 53.7% in the third quarter. Woodline Partners LP now owns 5,297,725 shares of the company's stock worth $13,032,000 after buying an additional 1,851,854 shares in the last quarter. Two Sigma Investments LP boosted its stake in ImmunityBio by 224.9% during the third quarter. Two Sigma Investments LP now owns 2,607,860 shares of the company's stock valued at $6,415,000 after buying an additional 1,805,297 shares during the period. Finally, Barclays PLC boosted its stake in ImmunityBio by 163.5% during the fourth quarter. Barclays PLC now owns 2,444,163 shares of the company's stock valued at $4,839,000 after buying an additional 1,516,476 shares during the period. Hedge funds and other institutional investors own 8.58% of the company's stock.

Wall Street Analyst Weigh In

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.