Inhibrx Biosciences (NASDAQ:INBX) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• Inhibrx Biosciences reported quarterly EPS of ($2.46), missing analyst estimates of ($2.45) by $0.01, while revenue of $2.00 million topped expectations of $1.90 million.
• Shares fell $4.45 to $83.30 during Friday trading. The stock’s 52-week range is $57.30 to $155.29.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $197.50; company insiders bought 62,540 shares worth about $6.35 million over the past quarter.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) announced its quarterly earnings results on Friday. The company reported ($2.46) EPS for the quarter, missing analysts' consensus estimates of ($2.45) by ($0.01), FiscalAI reports. The business had revenue of $2.00 million for the quarter, compared to analysts' expectations of $1.90 million.

Inhibrx Biosciences Price Performance

Shares of INBX traded down $4.45 during trading hours on Friday, hitting $83.30. The stock had a trading volume of 244,903 shares, compared to its average volume of 310,786. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -9.38 and a beta of 4.03. The company's fifty day moving average is $96.05 and its two-hundred day moving average is $92.09. Inhibrx Biosciences has a 52 week low of $57.30 and a 52 week high of $155.29.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Citigroup reaffirmed a "market perform" rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. HC Wainwright initiated coverage on Inhibrx Biosciences in a report on Monday, August 24th. They issued a "buy" rating and a $245.00 target price for the company. Wall Street Zen downgraded Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research report on Monday, August 17th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Inhibrx Biosciences in a research note on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $197.50.

Insider Activity

In other news, Director Douglas Forsyth acquired 2,500 shares of the firm's stock in a transaction on Tuesday, September 8th. The shares were purchased at an average cost of $114.65 per share, with a total value of $286,625.00. Following the completion of the purchase, the director owned 227,064 shares of the company's stock, valued at $26,032,887.60. This represents a 1.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Lappe acquired 25,000 shares of the firm's stock in a transaction on Tuesday, September 8th. The shares were purchased 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 directly owned 730,548 shares of the company's stock, valued at approximately $77,306,589.36. The trade was a 3.54% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 62,540 shares of company stock valued at $6,347,507 and sold 1,500 shares valued at $168,590. Insiders own 18.26% of the company's stock.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc. is a U.S.-based biopharmaceutical company focused on developing biologic medicines for cancer and other serious diseases. Its research uses protein engineering to create investigational therapies designed to engage specific targets in the body. The company's oncology pipeline has included INBRX-109, an antibody designed to activate the DR5 receptor and studied for chondrosarcoma, and INBRX-106, an investigational OX40-targeting antibody. These candidates are experimental and are not approved medicines.

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