Bank of America Corp DE Makes New $79.70 Million Investment in Inhibrx Biosciences, Inc. $INBX

Key Points

• Bank of America acquired a new $79.7 million stake in Inhibrx Biosciences during the second quarter, purchasing 841,141 shares and becoming the company’s fifth-largest institutional holder at roughly 5.73% ownership.
• Institutional investors and hedge funds own 82.46% of INBX, while company insiders have also been buying shares, including recent purchases by CEO Mark Lappe and Director Jon Kayyem.
• INBX shares rose 4.4% to $109.35, but the company reported a quarterly EPS loss of $2.34, slightly worse than analyst expectations. Analyst sentiment is mixed, with a consensus “Moderate Buy” rating and a $197.50 price target.

Bank of America Corp DE acquired a new stake in shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 841,141 shares of the company's stock, valued at approximately $79,698,000. Bank of America Corp DE owned about 5.73% of Inhibrx Biosciences at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in INBX. Perceptive Advisors LLC lifted its position in shares of Inhibrx Biosciences by 9.4% in the 4th quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company's stock worth $114,764,000 after buying an additional 125,000 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Inhibrx Biosciences during the 2nd quarter worth approximately $78,261,000. Sofinnova Investments Inc. lifted its holdings in shares of Inhibrx Biosciences by 3.3% in the 4th quarter. Sofinnova Investments Inc. now owns 454,657 shares of the company's stock worth $35,918,000 after purchasing an additional 14,565 shares during the last quarter. Capital Research Global Investors bought a new position in Inhibrx Biosciences during the 4th quarter worth $33,304,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Inhibrx Biosciences during the fourth quarter valued at $20,856,000. 82.46% of the stock is owned by institutional investors and hedge funds.

Inhibrx Biosciences Trading Up 4.4%

NASDAQ INBX opened at $109.35 on Friday. Inhibrx Biosciences, Inc. has a twelve month low of $26.20 and a twelve month high of $155.29. 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 cap of $1.61 billion, a price-to-earnings ratio of -12.31 and a beta of 3.66. The firm's 50 day moving average price is $99.84 and its two-hundred day moving average price is $94.32.

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

Insiders Place Their Bets

In related news, CEO Mark Lappe purchased 25,000 shares of Inhibrx Biosciences stock in a transaction dated Tuesday, September 8th. The stock was acquired at an average cost of $105.82 per share, with a total value of $2,645,500.00. Following the completion of the transaction, the chief executive officer directly owned 730,548 shares of the company's stock, valued at $77,306,589.36. This trade represents a 3.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jon Kayyem acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were bought at an average cost of $100.00 per share, for a total transaction of $500,000.00. Following the completion of the transaction, the director directly owned 429,360 shares of the company's stock, valued at $42,936,000. This represents a 1.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders purchased 37,500 shares of company stock worth $3,999,725 and sold 1,500 shares worth $168,590. 18.26% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

INBX has been the topic of several analyst reports. Wall Street Zen lowered shares of 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 began coverage on Inhibrx Biosciences in a research report on Monday, August 24th. They issued a "buy" rating and a $245.00 target price on the stock. 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, Inhibrx Biosciences has an average rating of "Moderate Buy" and a consensus price target of $197.50.

Inhibrx Biosciences Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.