ImmunityBio (NASDAQ:IBRX) Shares Down 6.4% - Here's Why

Key Points

• ImmunityBio shares fell 6.4% to about $8.59, with trading volume substantially below average.
• Analyst sentiment remains generally positive: six analysts rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and a $16 target price.
• The company reported a quarterly EPS loss of $0.22, missing estimates by $0.14, despite revenue of $51.24 million exceeding expectations.

ImmunityBio, Inc. (NASDAQ:IBRX - Get Free Report)'s share price dropped 6.4% on Monday. The company traded as low as $8.72 and last traded at $8.5880. Approximately 3,109,134 shares changed hands during trading, a decline of 85% from the average session volume of 20,521,498 shares. The stock had previously closed at $9.18.

Analyst Upgrades and Downgrades

IBRX has been the topic of a number of research analyst reports. HC Wainwright reiterated a "buy" rating and issued a $15.00 target price on shares of ImmunityBio in a research report on Thursday. Weiss Ratings reissued a "sell (d-)" rating on shares of ImmunityBio in a research note on Tuesday, October 6th. Piper Sandler restated an "overweight" rating and set a $16.00 price target on shares of ImmunityBio in a report on Wednesday. Finally, Jefferies Financial Group lifted their price objective on ImmunityBio from $12.00 to $14.00 and gave the stock a "buy" rating in a research note on Wednesday. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, ImmunityBio has a consensus rating of "Moderate Buy" and a consensus target price of $16.00.

ImmunityBio Stock Down 5.7%

The company has a market cap of $9.17 billion, a PE ratio of -8.90 and a beta of 0.02. The stock's 50 day moving average is $8.57 and its 200-day moving average is $7.97.

ImmunityBio (NASDAQ:IBRX - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $49.70 million. On average, analysts anticipate that ImmunityBio, Inc. will post -0.44 EPS for the current fiscal year.

Insider Activity

In related news, Director Barry J. Simon sold 25,000 shares of ImmunityBio stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $10.75, for a total value of $268,750.00. Following the completion of the transaction, the director owned 2,777,788 shares in the company, valued at approximately $29,861,221. This trade represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cheryl Cohen sold 81,056 shares of ImmunityBio stock in a transaction dated 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 transaction, the director owned 100,309 shares of the company's stock, valued at approximately $1,053,244.50. This represents a 44.69% 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. 66.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ImmunityBio

Several institutional investors have recently modified their holdings of IBRX. Sigma Planning Corp boosted its holdings in shares of ImmunityBio by 7.3% in the 2nd quarter. Sigma Planning Corp now owns 19,015 shares of the company's stock worth $166,000 after purchasing an additional 1,300 shares during the period. Archer Investment Corp increased its position in shares of ImmunityBio by 67.1% during the 1st quarter. Archer Investment Corp now owns 5,872 shares of the company's stock valued at $45,000 after purchasing an additional 2,358 shares during the last quarter. Winning Points Advisors LLC raised its holdings in ImmunityBio by 0.4% during the 2nd quarter. Winning Points Advisors LLC now owns 726,258 shares of the company's stock valued at $2,287,000 after buying an additional 2,685 shares during the period. GAMMA Investing LLC raised its holdings in ImmunityBio by 262.2% during the 3rd quarter. GAMMA Investing LLC now owns 3,807 shares of the company's stock valued at $36,000 after buying an additional 2,756 shares during the period. Finally, Principal Financial Group Inc. lifted its position in ImmunityBio by 18.3% in the first quarter. Principal Financial Group Inc. now owns 19,710 shares of the company's stock worth $151,000 after buying an additional 3,050 shares during the last quarter. 8.58% of the stock is owned by institutional investors.

ImmunityBio Company Profile

ImmunityBio, Inc is a biotechnology company focused on developing and commercializing immunotherapies designed to activate and strengthen the body's immune response against cancer and infectious diseases. The company's approach combines immune-system modulators, cellular therapies, vaccines and other technologies intended to address multiple stages of the disease-treatment process.

Its lead product, Anktiva (nogapendekin alfa inbakicept-pmln, also known as N-803), is an interleukin-15 receptor agonist designed to stimulate natural killer cells and T cells.

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