Western Standard LLC Takes $4.45 Million Position in Inhibrx Biosciences, Inc. $INBX

Key Points

• Western Standard LLC acquired 47,000 shares of Inhibrx Biosciences worth approximately $4.45 million, representing 0.32% of the company and 1.5% of the fund’s portfolio. Institutional investors collectively own 82.46% of INBX.
• Analyst sentiment remains mixed: ratings include one Strong Buy, one Buy, three Holds and one Sell, resulting in a consensus “Hold” rating and an average price target of $150.
• INBX shares opened at $101.48 after rising 7.3%, but the company reported a quarterly loss of $2.34 per share, missing the $2.28 consensus estimate; analysts expect a full-year loss of $10.88 per share.

Western Standard LLC 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 and Exchange Commission. The fund acquired 47,000 shares of the company's stock, valued at approximately $4,453,000. Inhibrx Biosciences comprises 1.5% of Western Standard LLC's investment portfolio, making the stock its 19th largest holding. Western Standard LLC owned 0.32% of Inhibrx Biosciences at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. PSP Research LLC bought a new position in Inhibrx Biosciences during the fourth quarter worth about $505,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Inhibrx Biosciences in the fourth quarter valued at approximately $20,856,000. SummitTX Capital L.P. raised 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 buying an additional 54,936 shares during the period. Jefferies Financial Group Inc. bought a new stake in Inhibrx Biosciences in the fourth quarter valued at approximately $703,000. Finally, Swiss National Bank acquired a new stake in shares of Inhibrx Biosciences in the first quarter valued at approximately $968,000. 82.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on INBX. Lifesci Capital raised Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th. Wall Street Zen cut Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research note on Monday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $150.00.

Inhibrx Biosciences Stock Up 7.3%

Shares of INBX opened at $101.48 on Thursday. The firm has a market cap of $1.49 billion, a P/E ratio of -11.43 and a beta of 3.51. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07. Inhibrx Biosciences, Inc. has a 52 week low of $22.64 and a 52 week high of $155.29. The firm's 50-day simple moving average is $91.28 and its 200 day simple moving average is $89.07.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.28) by ($0.06). On average, analysts forecast that Inhibrx Biosciences, Inc. will post -10.88 earnings per share for the current 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