Inhibrx Biosciences, Inc. $INBX Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Inhibrx Biosciences stake by 52.7% in the first quarter, selling 36,436 shares and retaining 32,683 shares valued at approximately $2.2 million. Institutional investors and hedge funds collectively own 82.46% of the company.
• Inhibrx reported a quarterly loss of $2.34 per share, missing analysts’ expected loss of $2.28. Analysts project a full-year loss of $9.91 per share.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $197.50 target price versus the stock’s reported $124.66 price; price targets range from bullish coverage at $245 to “sell” ratings.

Bank of America Corp DE cut its stake in Inhibrx Biosciences, Inc. (NASDAQ:INBX - Free Report) by 52.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,683 shares of the company's stock after selling 36,436 shares during the period. Bank of America Corp DE owned 0.22% of Inhibrx Biosciences worth $2,197,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC bought a new position in shares of Inhibrx Biosciences in the 1st quarter worth about $229,000. The Manufacturers Life Insurance Company lifted its holdings in Inhibrx Biosciences by 51.8% in the first quarter. The Manufacturers Life Insurance Company now owns 4,228 shares of the company's stock worth $284,000 after acquiring an additional 1,443 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Inhibrx Biosciences by 76.4% in the first quarter. Quantinno Capital Management LP now owns 17,704 shares of the company's stock valued at $1,190,000 after acquiring an additional 7,666 shares during the period. SummitTX Capital L.P. boosted its stake in Inhibrx Biosciences by 66.3% in the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company's stock valued at $9,266,000 after acquiring an additional 54,936 shares during the period. Finally, Swiss National Bank bought a new position in shares of Inhibrx Biosciences during the first quarter valued at approximately $968,000. 82.46% of the stock is owned by institutional investors and hedge funds.

Inhibrx Biosciences Stock Down 1.6%

INBX stock opened at $124.66 on Wednesday. The firm has a market cap of $1.83 billion, a PE ratio of -14.04 and a beta of 3.65. Inhibrx Biosciences, Inc. has a 12 month low of $26.19 and a 12 month high of $155.29. The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07. The firm has a 50 day simple moving average of $95.60 and a 200 day simple moving average of $91.26.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) earnings per share for the quarter, missing the consensus estimate of ($2.28) by ($0.06). Equities research 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 brokerages recently weighed in on INBX. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a "buy" rating and a $245.00 price objective on the stock. Citigroup reaffirmed a "market perform" rating on shares of Inhibrx Biosciences in a research note on Thursday, August 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. Finally, Wall Street Zen downgraded Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus 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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