20,291 Shares in Inhibrx Biosciences, Inc. $INBX Acquired by Opaleye Management Inc.

Key Points

• Opaleye Management acquired 20,291 shares of Inhibrx Biosciences worth approximately $1.92 million, giving it a 0.14% stake. Institutional investors collectively own 82.46% of the company.
• Insider activity was mixed: Director Jon Kayyem bought 5,000 shares, while Director Kimberly Manhard sold 500 shares. Insiders have purchased 32,500 shares worth roughly $3.5 million over the past 90 days.
• Inhibrx reported a quarterly loss of $2.34 per share, slightly worse than analysts’ $2.28 estimate. Despite mixed analyst views, the stock has a “Moderate Buy” consensus rating and a $197.50 average price target versus its $111.42 opening price.

Opaleye Management Inc. bought a new stake in shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,291 shares of the company's stock, valued at approximately $1,923,000. Opaleye Management Inc. owned 0.14% of Inhibrx Biosciences at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Persistent Asset Partners Ltd purchased a new position in shares of Inhibrx Biosciences during the 4th quarter worth $27,000. Strs Ohio purchased a new stake in shares of Inhibrx Biosciences in the 1st quarter worth $27,000. Integrated Wealth Concepts LLC bought a new position in Inhibrx Biosciences in the 2nd quarter worth $31,000. Public Employees Retirement System of Ohio bought a new position in Inhibrx Biosciences in the 3rd quarter worth $40,000. Finally, BNP Paribas Financial Markets lifted its position in Inhibrx Biosciences by 71.9% during the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company's stock valued at $64,000 after purchasing an additional 789 shares in the last quarter. 82.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Inhibrx Biosciences

In other news, Director Jon Kayyem purchased 5,000 shares of the business's stock in a transaction on Tuesday, September 8th. The stock was acquired at an average price of $113.52 per share, for a total transaction of $567,600.00. Following the acquisition, the director directly owned 424,360 shares of the company's stock, valued at $48,173,347.20. This represents a 1.19% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimberly Manhard sold 500 shares of Inhibrx Biosciences stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $115.14, for a total value of $57,570.00. Following the completion of the sale, the director directly owned 9,500 shares in the company, valued at approximately $1,093,830. The trade was a 5.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders bought 32,500 shares of company stock valued at $3,499,725. 18.26% of the stock is owned by company insiders.

Inhibrx Biosciences Stock Performance

INBX opened at $111.42 on Friday. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -12.55 and a beta of 3.66. The company has a fifty day moving average of $98.80 and a 200 day moving average of $93.20. Inhibrx Biosciences, Inc. has a fifty-two week low of $26.19 and a fifty-two week high of $155.29.

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 the consensus estimate of ($2.28) by ($0.06). As a group, sell-side analysts forecast that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Citigroup restated a "market perform" rating on shares of Inhibrx Biosciences in a research report on Thursday, August 27th. Wall Street Zen lowered shares of Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a report on Monday, August 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Finally, HC Wainwright began coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They issued a "buy" rating and a $245.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $197.50.

About Inhibrx Biosciences

Inhibrx, Inc, headquartered in La Jolla, California, is a clinical-stage biotechnology company focused on the discovery and development of next-generation protein therapeutics. The company's proprietary protein engineering platform enables the design and production of multispecific and multivalent biologics with tailored binding characteristics and favorable pharmacokinetic properties. By leveraging high-throughput screening and structure-based design, Inhibrx aims to create molecules that address challenging targets in oncology, regenerative medicine and other areas of unmet medical need.

The company's lead candidate, INBRX-109, is a tetravalent agonist of the receptor tyrosine kinase ROR2 designed to stimulate tissue repair and regeneration.

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