Immunitybio Inc Up 12.43% To $6.11 After Earnings Miss

Immunitybio Inc (IBRX) reported less than expected earnings this afternoon for Q4 2023.

The consensus among analysts for Immunitybio Inc was for an earnings per share (EPS) loss of $0.18 per share. The firm failed to meet those projections, reporting an EPS loss of $0.38 per share, a negative surprise of $0.2 (-111%). Profits fell 41% year-over-year after reporting an EPS loss of $0.27 per share in its year-ago quarter. The negative growth rate signals that the Healthcare company isn't performing well amid current economic conditions.

Consensus estimates for Immunitybio Inc revenue averaged out to $20 thousand, with the business managing to beat those expectations with reported fourth-quarter revenue of $139 thousand. The $119 thousand (595%) positive revenue surprise led to 90% growth year-over-year as the firm reported revenue of $73 thousand in its year-ago quarter. The lower earnings growth compared to revenue points to Immunitybio Inc not being able to improve its profit margin.

The stock is up 12.43% to $6.11 after the report.

Immunitybio Inc's revenue expanded at a faster pace than earnings, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 51. Meanwhile, the average Wall Street analyst rated the stock a Buy.

ImmunityBio Inc is a late-clinical-stage immunotherapy company developing next-generation therapies that drive immunogenic mechanisms for defeating cancers and infectious diseases. The company's immunotherapy platform activates both the innate (natural killer cell and macrophage) and adaptive (T cell) immune systems to create long-term immunological memory.