ImmunityBio (NASDAQ:IBRX) Announces Earnings Results, Misses Expectations By $0.14 EPS

ImmunityBio (NASDAQ:IBRX) issued its quarterly earnings results on Tuesday. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.14), FiscalAI reports. The business had revenue of $51.24 million for the quarter, compared to analyst estimates of $49.70 million.

ImmunityBio Stock Down 5.2%

Shares of IBRX traded down $0.38 during trading hours on Tuesday, reaching $6.78. 6,078,297 shares of the company traded hands, compared to its average volume of 23,739,721. ImmunityBio has a 12 month low of $1.95 and a 12 month high of $12.43. The company’s fifty day moving average price is $7.70 and its two-hundred day moving average price is $7.59. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of -7.95 and a beta of 0.03.

Wall Street Analyst Weigh In

Several analysts have weighed in on IBRX shares. BTIG Research reissued a “buy” rating and issued a $12.00 price target on shares of ImmunityBio in a research note on Thursday, May 21st. HC Wainwright restated a “buy” rating and set a $15.00 price target on shares of ImmunityBio in a research report on Tuesday, June 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of ImmunityBio in a research note on Friday, July 10th. Finally, D. Boral Capital restated a “buy” rating and issued a $23.00 target price on shares of ImmunityBio in a report on Tuesday, May 5th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $14.20.

Insiders Place Their Bets

In other ImmunityBio news, Director Christobel Selecky sold 159,478 shares of ImmunityBio 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 sale, the director directly owned 35,064 shares of the company’s stock, valued at approximately $316,277.28. The trade was a 81.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cheryl Cohen sold 131,210 shares of ImmunityBio stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $9.50, for a total value of $1,246,495.00. Following the sale, the director owned 125,386 shares in the company, valued at $1,191,167. This represents a 51.13% 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. Insiders sold 435,443 shares of company stock worth $3,918,819 over the last three months. Company insiders own 66.10% of the company’s stock.

Institutional Investors Weigh In On ImmunityBio

A number of institutional investors have recently modified their holdings of IBRX. AQR Capital Management LLC grew its position in ImmunityBio by 193.4% during the 1st quarter. AQR Capital Management LLC now owns 44,448 shares of the company’s stock valued at $134,000 after purchasing an additional 29,297 shares during the last quarter. Creative Planning grew its holdings in shares of ImmunityBio by 9.2% during the second quarter. Creative Planning now owns 62,028 shares of the company’s stock valued at $164,000 after buying an additional 5,231 shares during the last quarter. Cetera Investment Advisers increased its position in shares of ImmunityBio by 56.9% during the second quarter. Cetera Investment Advisers now owns 18,551 shares of the company’s stock valued at $49,000 after acquiring an additional 6,731 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of ImmunityBio by 5.2% during the second quarter. JPMorgan Chase & Co. now owns 1,071,736 shares of the company’s stock valued at $2,829,000 after acquiring an additional 52,782 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in ImmunityBio by 11.8% in the 2nd quarter. Legal & General Group Plc now owns 205,478 shares of the company’s stock worth $542,000 after acquiring an additional 21,715 shares during the last quarter. 8.58% of the stock is owned by hedge funds and other institutional investors.

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.