ImmunityBio Directors Sold $3.9M Before Earnings Miss
Three ImmunityBio directors completed $3.92 million in open-market share sales between June 4 and July 2, before an August 4 earnings report that disclosed a 175% EPS miss, the worst shortfall in four
ImmunityBio Stock Rallies Into Binary Anktiva Data Week
NEW YORK, August 16 —
ImmunityBio, Inc. (IBRX) is heading toward its best weekly gain since February on anticipation of next week's Anktiva and BCG data readout, yet the same company just posted its worst earnings miss in four quarters. Three directors completed open-market share sales before that August 4 earnings report landed.
- Q2 2026 EPS of -$0.22 missed estimates by 175%, worst shortfall in four quarters, per the August 4 8-K.
- Three directors completed $3.92 million in open-market sales at $7.18, $9.50 between June 4 and July 2, before earnings.
- Trailing revenue of $170 million grew 94% year-over-year; Anktiva's gross margin stands at 99.3%.
Who Sold Before Earnings
Three directors cleared $3.92 million in shares at prices between $7.18 and $9.50, all between June 4 and July 2, before the August 4 earnings report that disclosed a 175% EPS miss. Director Christobel Selecky sold 256,200 shares across three transactions from June 29 to July 2, receiving approximately $2.31 million at $9.00 to $9.02. Director Cheryl Cohen sold 131,210 shares at $9.50 on July 2 for $1.25 million, simultaneously exercising options at $2.98. At the current price of $7.57, five of the six sale tranches were completed above the current market level; only Barry Simon's June 4 sale at $7.18 sat below where the stock now trades.
The Margin That Masks the Burn
ImmunityBio makes Anktiva, an FDA-approved immunotherapy for BCG-unresponsive non-muscle invasive bladder cancer, whose rollout has generated 99.3% gross margins on $170 million in trailing revenue growing 94% year-over-year. The balance sheet runs the other way: $1.23 billion in total debt against $360 million in cash and operating cash flow of -$281 million over the trailing twelve months. The DCF calculator illustrates the valuation gap: an $8 billion market cap implies substantial pipeline expansion beyond the current NMIBC approval. Short interest at 32.2% of float shows the market is divided on the commercial outlook.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| IBRX | $8.0B | n/a | +211.5% |
| IOVA | $3.2B | n/a | +179.2% |
| SMMT | $10.6B | n/a | -49.2% |
| RXRX | $1.7B | n/a | -42.8% |
| SLS | $2.6B | n/a | +638.7% |
| BBIO | $15.6B | 215.7x | +62.9% |
What the Readout Must Do
Fresh Anktiva and BCG data, due the week of August 23, is the event that either validates or challenges the $8 billion market cap. The founder's announcement of a new Anktiva-NK cell therapy combination study suggests the company is expanding its pipeline beyond NMIBC. Analysts have set a consensus target of $12.75, a 68% premium to $7.57, implying a positive readout is already expected at the Street level. Until the data lands, the 32.2% short interest and pre-earnings director sales remain unresolved signals. Run the free ImmunityBio, Inc. deep-dive → for the latest numbers.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Did ImmunityBio insiders sell before earnings?
Three directors completed $3.92 million in open-market sales at prices between $7.18 and $9.50 between June 4 and July 2. That preceded the August 4 earnings report, which disclosed a 175% EPS miss, the worst shortfall in four quarters. Five of the six sale tranches were completed above the current market price of $7.57.
What is Anktiva and why does the data readout matter?
Anktiva is an FDA-approved immunotherapy for BCG-unresponsive non-muscle invasive bladder cancer that carries a 99.3% gross margin on $170 million in trailing revenue growing 94% year-over-year. Fresh Anktiva and BCG data is due the week of August 23, an event that either validates or challenges the company's $8 billion market cap. Analysts have set a consensus target of $12.75, a 68% premium to the current price, implying a positive readout is already expected at the Street level.
What is ImmunityBio's short interest?
Short interest stands at 32.2% of float, a signal the article identifies as the market not uniformly buying the commercial trajectory. Alongside the pre-earnings director sales, the short interest remains an unresolved signal heading into the data week.
What is ImmunityBio's analyst price target?
Analysts have set a consensus target of $12.75, a 68% premium to the current price of $7.57. The article notes this implies a positive Anktiva readout is already expected at the Street level.
How much debt does ImmunityBio carry?
The company carries $1.23 billion in total debt against $360 million in cash, with operating cash flow of negative $281 million over the trailing twelve months. The DCF calculator illustrates the resulting valuation gap, with an $8 billion market cap implying substantial pipeline expansion beyond the current NMIBC approval.
ImmunityBio stock is heading for its best weekly gain since February as the company prepares to unveil fresh Anktiva and BCG data next week — yet the same company just posted its worst earnings miss in four quarters and carries $1.23 billion in debt against $360 million in cash.