Cherry Creek Investment Advisors Inc. Boosts Stake in ImmunityBio, Inc. $IBRX

Cherry Creek Investment Advisors Inc. boosted its stake in ImmunityBio, Inc. (NASDAQ:IBRX) by 435.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 74,581 shares of the company’s stock after purchasing an additional 60,653 shares during the period. Cherry Creek Investment Advisors Inc.’s holdings in ImmunityBio were worth $572,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IBRX. Diversify Advisory Services LLC acquired a new stake in shares of ImmunityBio in the second quarter valued at $27,000. Swiss Life Asset Management Ltd purchased a new stake in shares of ImmunityBio in the 3rd quarter valued at $27,000. WealthPlan Investment Management LLC purchased a new stake in shares of ImmunityBio in the 4th quarter valued at $27,000. Kovack Advisors Inc. acquired a new position in ImmunityBio during the 4th quarter worth about $27,000. Finally, Opal Wealth Advisors LLC acquired a new position in ImmunityBio during the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 8.58% of the company’s stock.

ImmunityBio Stock Performance

IBRX stock opened at $8.87 on Friday. The company’s 50 day moving average price is $7.81 and its 200 day moving average price is $6.96. ImmunityBio, Inc. has a fifty-two week low of $1.95 and a fifty-two week high of $12.43. The firm has a market capitalization of $9.29 billion, a price-to-earnings ratio of -10.44 and a beta of 0.01.

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 company had revenue of $44.21 million for the quarter, compared to analysts’ expectations of $43.07 million. Equities analysts forecast that ImmunityBio, Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, Director Cheryl Cohen sold 131,210 shares of ImmunityBio stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $9.50, for a total transaction of $1,246,495.00. Following the completion of the sale, the director directly owned 125,386 shares of the company’s stock, valued at approximately $1,191,167. The trade was a 51.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Barry J. Simon sold 25,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $7.88, for a total transaction of $197,000.00. Following the transaction, the director owned 2,802,788 shares of the company’s stock, valued at approximately $22,085,969.44. The trade was a 0.88% 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. In the last three months, insiders have sold 435,443 shares of company stock worth $3,918,819. 66.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on IBRX shares. HC Wainwright reaffirmed a “buy” rating and issued a $15.00 target price 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 report on Tuesday, April 14th. D. Boral Capital reissued a “buy” rating and set a $23.00 price target on shares of ImmunityBio in a research report on Tuesday, May 5th. Finally, BTIG Research reissued a “buy” rating and issued a $12.00 price objective on shares of ImmunityBio in a research note on Thursday, May 21st. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.20.

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.