Heights Capital Management Inc. Purchases Shares of 6,565,709 ImmunityBio, Inc. $IBRX

Heights Capital Management Inc. purchased a new position in ImmunityBio, Inc. (NASDAQ:IBRX) in the third quarter, HoldingsChannel reports. The firm purchased 6,565,709 shares of the company’s stock, valued at approximately $16,152,000. ImmunityBio accounts for 4.4% of Heights Capital Management Inc.’s portfolio, making the stock its 2nd largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of ImmunityBio by 26.8% during the 3rd quarter. Vanguard Group Inc. now owns 27,655,205 shares of the company’s stock valued at $68,032,000 after purchasing an additional 5,837,898 shares during the period. Armistice Capital LLC bought a new position in ImmunityBio in the 2nd quarter worth $20,497,000. Geode Capital Management LLC increased its stake in ImmunityBio by 34.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,777,269 shares of the company’s stock worth $15,254,000 after buying an additional 1,487,849 shares in the last quarter. Woodline Partners LP increased its stake in ImmunityBio by 53.7% in the 3rd 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. Finally, AlphaCore Capital LLC raised its holdings in ImmunityBio by 0.5% during the third quarter. AlphaCore Capital LLC now owns 2,988,544 shares of the company’s stock valued at $7,352,000 after acquiring an additional 13,666 shares during the period. 8.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Barry J. Simon sold 75,000 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $12.01, for a total value of $900,750.00. Following the completion of the transaction, the director directly owned 2,850,821 shares of the company’s stock, valued at approximately $34,238,360.21. This trade represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Christobel Selecky sold 25,000 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $10.00, for a total transaction of $250,000.00. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 501,967 shares of company stock worth $4,466,412. Corporate insiders own 69.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on IBRX. HC Wainwright boosted their price objective on ImmunityBio from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. D. Boral Capital reissued a “buy” rating and set a $23.00 target price on shares of ImmunityBio in a research note on Tuesday. The Goldman Sachs Group reissued a “buy” rating on shares of ImmunityBio in a report on Monday, February 23rd. Jefferies Financial Group upped their price target on ImmunityBio from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ImmunityBio in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $14.40.

ImmunityBio Price Performance

Shares of ImmunityBio stock opened at $8.21 on Wednesday. ImmunityBio, Inc. has a twelve month low of $1.83 and a twelve month high of $12.43. The business has a 50-day moving average price of $6.86 and a 200-day moving average price of $3.92. The firm has a market cap of $8.44 billion, a price-to-earnings ratio of -21.61 and a beta of -0.03.

ImmunityBio (NASDAQ:IBRX) last posted its earnings results on Monday, March 2nd. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $38.29 million during the quarter. On average, equities analysts expect that ImmunityBio, Inc. will post -0.92 EPS for the current fiscal year.

ImmunityBio Profile

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.