10,170 Shares in Inhibrx Biosciences, Inc. $INBX Bought by Tidal Investments LLC

Key Points

• Tidal Investments acquired 10,170 Inhibrx Biosciences shares in the second quarter, valued at approximately $964,000. Institutional investors collectively own 82.46% of the company, with several other funds also initiating positions.
• Analyst sentiment is mixed but leans positive: the stock has a “Moderate Buy” consensus rating and an average price target of $197.50, despite ratings ranging from “Strong Sell” to “Buy.”
• Inhibrx shares opened at $109.35, while the company reported a quarterly loss of $2.34 per share, missing estimates by $0.06. Insiders were net buyers in the latest quarter, including substantial purchases by the CEO and a director.

Tidal Investments LLC bought a new stake in shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 10,170 shares of the company's stock, valued at approximately $964,000. Tidal Investments LLC owned about 0.07% of Inhibrx Biosciences at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Western Standard LLC bought a new position in shares of Inhibrx Biosciences during the 2nd quarter worth about $4,453,000. Nicholas Investment Partners LP bought a new stake in shares of Inhibrx Biosciences in the second quarter valued at about $2,032,000. Parkman Healthcare Partners LLC bought a new stake in shares of Inhibrx Biosciences in the second quarter valued at about $24,346,000. BlackRock Inc. bought a new stake in shares of Inhibrx Biosciences in the second quarter valued at about $78,261,000. Finally, Bank of New York Mellon Corp acquired a new stake in Inhibrx Biosciences during the second quarter worth about $2,482,000. 82.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on INBX. Wall Street Zen lowered Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. Citigroup reissued a "market perform" rating on shares of Inhibrx Biosciences in a report on Friday. HC Wainwright assumed coverage on Inhibrx Biosciences in a research report on Monday, August 24th. They set a "buy" rating and a $245.00 price objective on the stock. Finally, Weiss Ratings restated 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 given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $197.50.

Inhibrx Biosciences Stock Performance

NASDAQ INBX opened at $109.35 on Friday. The stock has a market cap of $1.61 billion, a P/E ratio of -12.31 and a beta of 3.66. The company's 50-day simple moving average is $99.84 and its 200 day simple moving average is $94.32. Inhibrx Biosciences, Inc. has a twelve month low of $26.20 and a twelve month high of $155.29. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 12.58.

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

Insider Buying and Selling

In related news, Director Douglas Forsyth acquired 2,500 shares of the company's stock in a transaction on Tuesday, September 8th. The stock was purchased at an average cost of $114.65 per share, for a total transaction of $286,625.00. Following the completion of the purchase, the director directly owned 227,064 shares of the company's stock, valued at $26,032,887.60. The trade was a 1.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Lappe acquired 25,000 shares of the business's stock in a transaction on Tuesday, September 8th. The shares were bought at an average cost of $105.82 per share, with a total value of $2,645,500.00. Following the completion of the acquisition, the chief executive officer owned 730,548 shares of the company's stock, valued at approximately $77,306,589.36. This trade represents a 3.54% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 37,500 shares of company stock worth $3,999,725 and sold 1,500 shares worth $168,590. 18.26% of the stock is owned by corporate insiders.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing biologic medicines for serious diseases with limited treatment options. The company uses a proprietary protein-engineering platform to design novel therapeutic proteins, including multivalent and long-acting biologics intended to selectively affect disease-related biological pathways.

Inhibrx's development programs have included INBRX-101, also known as efzofitimod, an engineered fibroblast growth factor 1 intended for the treatment of alpha-1 antitrypsin deficiency-associated emphysema and other inflammatory lung conditions.

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