Sheets Smith Wealth Management Trims Stock Position in ImmunityBio, Inc. $IBRX

Sheets Smith Wealth Management lessened its stake in ImmunityBio, Inc. (NASDAQ:IBRX) by 12.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 552,025 shares of the company’s stock after selling 79,950 shares during the period. Sheets Smith Wealth Management owned 0.05% of ImmunityBio worth $4,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in IBRX. Mariner LLC lifted its holdings in shares of ImmunityBio by 10.5% in the 4th quarter. Mariner LLC now owns 17,814 shares of the company’s stock valued at $35,000 after purchasing an additional 1,689 shares during the last quarter. Sanctuary Advisors LLC grew its stake in 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 buying an additional 1,918 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in ImmunityBio by 8.6% during the fourth quarter. Sequoia Financial Advisors LLC now owns 28,783 shares of the company’s stock worth $57,000 after buying an additional 2,271 shares during the period. Mutual Advisors LLC increased its position in ImmunityBio by 9.0% during the fourth quarter. Mutual Advisors LLC now owns 30,200 shares of the company’s stock worth $60,000 after buying an additional 2,500 shares during the period. Finally, Commonwealth Equity Services LLC lifted its stake in ImmunityBio by 4.5% in the fourth quarter. Commonwealth Equity Services LLC now owns 75,776 shares of the company’s stock valued at $150,000 after buying an additional 3,280 shares during the last quarter. Hedge funds and other institutional investors own 8.58% of the company’s stock.

ImmunityBio Stock Performance

Shares of IBRX opened at $7.36 on Friday. The stock has a market capitalization of $7.71 billion, a P/E ratio of -8.66 and a beta of 0.03. ImmunityBio, Inc. has a 1 year low of $1.95 and a 1 year high of $12.43. The company’s fifty day moving average is $7.55 and its two-hundred day moving average is $6.30.

ImmunityBio (NASDAQ:IBRX) last issued its earnings results on Thursday, May 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.54). The firm had revenue of $44.21 million for the quarter, compared to analyst estimates of $43.07 million. Sell-side analysts predict that ImmunityBio, Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other ImmunityBio news, Director Barry J. Simon sold 23,033 shares of ImmunityBio stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $7.18, for a total value of $165,376.94. Following the sale, the director owned 2,827,788 shares of the company’s stock, valued at approximately $20,303,517.84. The trade was a 0.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 66.10% of the company’s stock.

Analysts Set New Price Targets

IBRX has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of ImmunityBio in a report on Tuesday, April 14th. 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 issued a $15.00 price target on shares of ImmunityBio in a research report on Tuesday, June 2nd. Piper Sandler reiterated an “overweight” rating and set a $12.00 price target (up from $7.00) on shares of ImmunityBio in a research note on Wednesday, March 4th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of ImmunityBio in a research report on Monday, February 23rd. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ImmunityBio has an average 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.