Inhibrx Biosciences, Inc. (NASDAQ:INBX) Stock Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Inhibrx Biosciences received a “Moderate Buy” consensus rating from six covering brokerages, with an average 12-month price target of $197.50 versus a recent share price of $96.99.
• Analyst opinions remain mixed: ratings include one sell, two holds, two buys and one strong buy, while recent targets included HC Wainwright’s $245 buy rating and Citigroup’s market-perform assessment.
• Insiders have been net buyers, purchasing 52,500 shares worth about $5.5 million over the past three months; insiders own 18.26% of the company, while institutional investors hold 82.46%.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the six brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $197.50.

Several research firms recently commented on INBX. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. HC Wainwright started coverage on shares of Inhibrx Biosciences in a research report on Monday, August 24th. They issued a "buy" rating and a $245.00 target price on the stock. Citigroup restated a "market perform" rating on shares of Inhibrx Biosciences in a research report on Friday, September 18th. Finally, Wall Street Zen downgraded shares of Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th.

Insider Activity at Inhibrx Biosciences

In other Inhibrx Biosciences news, CEO Mark Lappe acquired 25,000 shares of the company's stock in a transaction on Tuesday, September 8th. The shares were bought at an average cost of $105.82 per share, for a total transaction of $2,645,500.00. Following the completion of the purchase, the chief executive officer owned 730,548 shares in the company, valued at $77,306,589.36. This trade represents a 3.54% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jon Kayyem bought 5,000 shares of the stock in a transaction on Wednesday, September 23rd. The stock was bought at an average price of $100.00 per share, for a total transaction of $500,000.00. Following the completion of the purchase, the director directly owned 434,360 shares in the company, valued at approximately $43,436,000. The trade was a 1.16% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 52,500 shares of company stock worth $5,498,525 and have sold 1,500 shares worth $168,590. Corporate insiders own 18.26% of the company's stock.

Hedge Funds Weigh In On Inhibrx Biosciences

Large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new position in shares of Inhibrx Biosciences in the second quarter valued at $31,000. Quantbot Technologies LP purchased a new stake in shares of Inhibrx Biosciences in the 2nd quarter worth about $68,000. State of Wyoming acquired a new stake in Inhibrx Biosciences in the 2nd quarter valued at about $116,000. Hurley Capital LLC acquired a new stake in Inhibrx Biosciences in the 4th quarter valued at about $131,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Inhibrx Biosciences during the 2nd quarter valued at about $194,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

Inhibrx Biosciences Stock Performance

Shares of Inhibrx Biosciences stock opened at $96.99 on Friday. The firm has a 50-day simple moving average of $102.78 and a two-hundred day simple moving average of $96.44. The company has a market cap of $1.43 billion, a P/E ratio of -10.92 and a beta of 3.81. Inhibrx Biosciences has a fifty-two week low of $28.16 and a fifty-two week high of $155.29.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($2.34) earnings per share for the quarter, missing the consensus estimate of ($2.28) by ($0.06). Equities research analysts forecast that Inhibrx Biosciences will post -9.91 EPS for the current year.

Inhibrx Biosciences Company Profile

Inhibrx Biosciences, Inc is a biotechnology company focused on discovering and developing engineered biologic medicines for serious diseases with limited treatment options. The company's platform has been used to create multifunctional proteins and antibody-based therapies designed to address targets that may be difficult to treat with conventional drugs.

Its leading program was INBRX-101, an engineered recombinant human alpha-1 antitrypsin therapy developed for patients with alpha-1 antitrypsin deficiency-associated lung disease.

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