Inhibrx Biosciences (NASDAQ:INBX) Downgraded by Wall Street Zen to Sell

Key Points

• Inhibrx was downgraded by Wall Street Zen from a "hold" to a "sell," while analyst coverage remains mixed (one Buy, two Hold, one Sell) with an average rating of "Hold" and an average price target of $150.00.
• The stock opened at $75.27 with a market cap of about $1.1 billion, a negative trailing P/E (-8.33), a recent EPS miss (Q1: -$2.11 vs. -$2.08 estimate), and a 52-week range of $10.81–$94.57.
• Institutional ownership is high (about 82.46%), with notable position increases by Perceptive Advisors, Morgan Stanley and Vanguard and a new stake by Capital Research Global Investors.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

Several other equities research analysts have also issued reports on INBX. Weiss Ratings restated a "sell (d)" rating on shares of Inhibrx Biosciences in a research note on Thursday, January 22nd. Stifel Nicolaus started coverage on shares of Inhibrx Biosciences in a research note on Wednesday. They set a "buy" rating and a $150.00 price target for the company. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $150.00.

Inhibrx Biosciences Trading Down 0.6%

NASDAQ:INBX opened at $75.27 on Friday. The company has a debt-to-equity ratio of 12.58, a quick ratio of 3.93 and a current ratio of 3.93. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -8.33 and a beta of 1.82. Inhibrx Biosciences has a 52 week low of $10.81 and a 52 week high of $94.57. The firm has a 50-day moving average price of $72.94 and a two-hundred day moving average price of $69.46.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last issued its quarterly earnings results on Thursday, March 19th. The company reported ($2.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.08) by ($0.03). On average, equities analysts expect that Inhibrx Biosciences will post 104.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Perceptive Advisors LLC grew its stake in Inhibrx Biosciences by 9.4% in the 4th quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company's stock valued at $114,764,000 after buying an additional 125,000 shares in the last quarter. Morgan Stanley grew its stake in Inhibrx Biosciences by 163.7% in the 4th quarter. Morgan Stanley now owns 1,167,728 shares of the company's stock valued at $92,251,000 after buying an additional 724,872 shares in the last quarter. Sofinnova Investments Inc. grew its stake in Inhibrx Biosciences by 1.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 708,678 shares of the company's stock valued at $10,113,000 after buying an additional 10,762 shares in the last quarter. Vanguard Group Inc. grew its stake in Inhibrx Biosciences by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 623,084 shares of the company's stock valued at $49,224,000 after buying an additional 28,166 shares in the last quarter. Finally, Capital Research Global Investors purchased a new position in Inhibrx Biosciences in the 4th quarter valued at approximately $33,304,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

Inhibrx Biosciences Company Profile

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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