Principal Financial Group Inc. Cuts Stake in ImmunityBio, Inc. (NASDAQ:IBRX)

Principal Financial Group Inc. reduced its position in ImmunityBio, Inc. (NASDAQ:IBRX) by 43.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,219 shares of the company’s stock after selling 32,247 shares during the period. Principal Financial Group Inc.’s holdings in ImmunityBio were worth $261,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in ImmunityBio by 37.9% during the second quarter. Bank of New York Mellon Corp now owns 621,536 shares of the company’s stock valued at $3,928,000 after acquiring an additional 170,742 shares during the last quarter. Simplicity Wealth LLC grew its stake in shares of ImmunityBio by 46.0% in the 2nd quarter. Simplicity Wealth LLC now owns 15,806 shares of the company’s stock worth $100,000 after buying an additional 4,983 shares in the last quarter. Collective Family Office LLC bought a new stake in shares of ImmunityBio in the 2nd quarter valued at approximately $445,000. DekaBank Deutsche Girozentrale boosted its stake in ImmunityBio by 4.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 205,092 shares of the company’s stock worth $1,119,000 after buying an additional 8,892 shares during the period. Finally, Tidal Investments LLC purchased a new stake in ImmunityBio in the 1st quarter worth about $499,000. 8.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler decreased their price target on shares of ImmunityBio from $6.00 to $4.75 and set a “neutral” rating for the company in a research note on Monday, August 19th.

ImmunityBio Stock Up 2.6 %

NASDAQ IBRX opened at $3.58 on Friday. ImmunityBio, Inc. has a 52 week low of $1.25 and a 52 week high of $10.53. The company has a 50 day moving average price of $4.71 and a 200 day moving average price of $5.70. The firm has a market cap of $2.49 billion, a PE ratio of -3.28 and a beta of 1.02.

ImmunityBio (NASDAQ:IBRX) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The business had revenue of $1.05 million for the quarter, compared to analyst estimates of $2.53 million. On average, equities research analysts anticipate that ImmunityBio, Inc. will post -0.86 earnings per share for the current fiscal year.

ImmunityBio Company Profile

ImmunityBio, Inc, a clinical-stage biotechnology company, engages in developing therapies and vaccines that bolster the natural immune system to defeat cancers and infectious diseases. Its platforms for the development of biologic product candidates include antibody-cytokine fusion proteins; DNA, RNA, and recombinant protein vaccines; and cell therapies.