BlackRock Inc. Makes New $78.26 Million Investment in Inhibrx Biosciences, Inc. $INBX

Key Points

• BlackRock acquired 825,972 shares of Inhibrx Biosciences in the second quarter, valued at approximately $78.26 million, giving it a 5.63% stake. Institutional investors and hedge funds collectively own 82.46% of the company.
• Analyst sentiment is mixed but leans positive: Inhibrx has a consensus “Moderate Buy” rating and a $197.50 target price, despite sell ratings from Wall Street Zen and Weiss Ratings. HC Wainwright initiated coverage with a “Buy” rating and a $245 target.
• INBX opened at $123.41, well above its 52-week low of $26.19 but below its $155.29 high. The company reported a quarterly loss of $2.34 per share, missing estimates by $0.06, while analysts expect a full-year loss of $9.91 per share.

BlackRock Inc. acquired a new position in shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 825,972 shares of the company's stock, valued at approximately $78,261,000. BlackRock Inc. owned about 5.63% of Inhibrx Biosciences at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Persistent Asset Partners Ltd acquired a new position in Inhibrx Biosciences in the fourth quarter valued at approximately $27,000. Daiwa Securities Group Inc. acquired a new position in Inhibrx Biosciences during the 4th quarter valued at approximately $66,000. Public Employees Retirement System of Ohio bought a new position in Inhibrx Biosciences during the 3rd quarter worth $40,000. State of Wyoming acquired a new stake in Inhibrx Biosciences in the second quarter worth $116,000. Finally, Diadema Partners LP bought a new stake in Inhibrx Biosciences in the fourth quarter valued at $103,000. 82.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Inhibrx Biosciences Stock Performance

INBX stock opened at $123.41 on Monday. The company has a 50-day simple moving average of $94.29 and a 200 day simple moving average of $90.66. The company has a market capitalization of $1.82 billion, a P/E ratio of -13.90 and a beta of 3.51. 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, 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 released 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). Sell-side analysts predict that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding INBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Inhibrx Biosciences, Inc. (NASDAQ:INBX - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source