Patrick Soon-Shiong, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio (NASDAQ:IBRX), made a huge insider buy transaction worth $56.63 million on December 12. Shiong owns more than 10% of ImmunityBio’s stock as well.
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ImmunityBio is a biotechnology company that develops immunotherapies with a focus on harnessing the power of the innate immune system.
He purchased 9,986,920 shares of the company at an average price of $5.67 per share. The total value of Shiong’s holdings of IBRX stock currently stands at $2.15 billion. Interestingly, his performance track record shows an 81% success rate in 47 transactions over the past year, with an average return of 33% per transaction.
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Ending Note
Hedge funds are also favoring ImmunityBio. Our data shows hedge funds bought 315.3K shares of IBRX in the last quarter. Also, the company’s low beta of 0.12 suggests low exposure to the current market volatility. Furthermore, ImmunityBio scores 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform market expectations.
