ImmunityBio (NASDAQ:IBRX) Director Sells 81,056 Shares of Company Stock

Key Points

• ImmunityBio Director Cheryl Cohen sold 81,056 shares at an average price of $10.50, totaling $851,088. The Rule 10b5-1 transaction reduced her direct ownership by 44.69% to 100,309 shares.
• IBRX shares recently traded at $9.69, with a market capitalization of approximately $10.27 billion. The stock has risen substantially from its 52-week low of $1.95 but remains below its $12.43 high.
• Institutional investors increased their positions, while analyst sentiment remained generally positive: the stock has a “Moderate Buy” consensus rating and an average price target of $14.20, despite the company missing its latest EPS estimate.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report) Director Cheryl Cohen sold 81,056 shares of the business's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $10.50, for a total value of $851,088.00. Following the completion of the sale, the director directly owned 100,309 shares in the company, valued at approximately $1,053,244.50. This represents a 44.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

ImmunityBio Price Performance

IBRX stock traded down $0.69 on Tuesday, reaching $9.69. 16,841,849 shares of the company traded hands, compared to its average volume of 20,774,146. ImmunityBio, Inc. has a one year low of $1.95 and a one year high of $12.43. The company has a market cap of $10.27 billion, a P/E ratio of -9.99 and a beta of 0.02. The firm has a fifty day simple moving average of $8.09 and a 200-day simple moving average of $7.86.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its 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 analyst estimates of $49.70 million. On average, sell-side analysts forecast that ImmunityBio, Inc. will post -0.44 EPS for the current year.

Institutional Investors Weigh In On ImmunityBio

Institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in ImmunityBio by 29.4% in the 2nd quarter. BlackRock Inc. now owns 34,083,262 shares of the company's stock worth $298,399,000 after buying an additional 7,736,819 shares during the last quarter. State Street Corp boosted its holdings in shares of ImmunityBio by 20.8% during the 2nd quarter. State Street Corp now owns 21,398,438 shares of the company's stock valued at $187,343,000 after acquiring an additional 3,690,335 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of ImmunityBio in the second quarter worth approximately $19,125,000. SEB Asset Management AB bought a new stake in shares of ImmunityBio in the first quarter worth approximately $18,770,000. Finally, Private Advisor Group LLC raised its holdings in shares of ImmunityBio by 923.5% during the first quarter. Private Advisor Group LLC now owns 1,648,556 shares of the company's stock valued at $12,644,000 after purchasing an additional 1,487,482 shares during the last quarter. 8.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on IBRX shares. Jefferies Financial Group raised shares of ImmunityBio to a "strong-buy" rating in a research report on Friday, September 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of ImmunityBio in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $14.20.

ImmunityBio Company Profile

ImmunityBio, Inc is a biotechnology company focused on developing and commercializing immunotherapies designed to activate and strengthen the body's immune system against cancer and infectious diseases. The company combines cytokine-based therapies, vaccines, cellular therapies and other immune-modulating technologies in an effort to create durable treatment responses.

Its lead product, ANKTIVA (nogapendekin alfa inbakicept-pmln), is an interleukin-15 receptor agonist immune stimulator.

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