ImmunityBio (NASDAQ:IBRX) Shares Gap Down Following Weak Earnings

ImmunityBio, Inc. (NASDAQ:IBRX) gapped down prior to trading on Monday following a dissappointing earnings announcement. The stock had previously closed at $8.64, but opened at $7.22. ImmunityBio shares last traded at $6.7730, with a volume of 13,804,790 shares.

The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). The business had revenue of $48.84 million for the quarter, compared to analyst estimates of $59.23 million.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Piper Sandler reissued an “overweight” rating and set a $16.00 target price on shares of ImmunityBio in a research report on Wednesday, October 14th. HC Wainwright reaffirmed a “buy” rating and issued a $15.00 target price on shares of ImmunityBio in a report on Thursday, October 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ImmunityBio in a research report on Tuesday, October 6th. Finally, Jefferies Financial Group increased their price target on ImmunityBio from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, October 14th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, ImmunityBio has a consensus rating of “Moderate Buy” and an average target price of $16.00.

Insider Activity at ImmunityBio

In other ImmunityBio news, Director Cheryl Cohen sold 81,056 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $10.50, for a total transaction of $851,088.00. Following the sale, the director owned 100,309 shares in the company, valued at $1,053,244.50. This represents a 44.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Barry Simon sold 25,000 shares of the firm’s 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 of the company’s stock, valued at approximately $29,861,221. This represents a 0.89% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 66.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ImmunityBio

Several hedge funds have recently added to or reduced their stakes in the company. 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 in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in shares of ImmunityBio by 2.0% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 76,000 shares of the company’s stock valued at $717,000 after buying an additional 1,500 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in ImmunityBio by 1.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 145,829 shares of the company’s stock worth $1,377,000 after buying an additional 2,113 shares during the last quarter. Archer Investment Corp lifted its position in ImmunityBio by 67.1% in the 1st quarter. Archer Investment Corp now owns 5,872 shares of the company’s stock worth $45,000 after buying an additional 2,358 shares during the last quarter. Finally, Profund Advisors LLC lifted its position in ImmunityBio by 1.4% in the 3rd quarter. Profund Advisors LLC now owns 179,021 shares of the company’s stock worth $1,690,000 after buying an additional 2,518 shares during the last quarter. Institutional investors own 8.58% of the company’s stock.

ImmunityBio Price Performance

The firm has a market cap of $7.24 billion, a PE ratio of -6.98 and a beta of 0.17. The company has a 50 day simple moving average of $8.74 and a 200-day simple moving average of $7.96.

ImmunityBio Company Profile

ImmunityBio is a biotechnology company that develops immunotherapies for cancer and infectious diseases. Its research combines approaches including immune-modulating biologics, cell therapies and vaccine-based treatments, with a focus on activating the body’s natural and adaptive immune responses.

The company’s lead product, Anktiva (nogapendekin alfa inbakicept-pmln), received U.S. Food and Drug Administration approval in 2024 for use with Bacillus Calmette-Guérin (BCG) in adults with BCG-unresponsive non-muscle-invasive bladder cancer with carcinoma in situ, with or without papillary tumors.