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

Key Points

• Wall Street Zen downgraded Inhibrx Biosciences to “strong sell” from “hold,” although analyst opinions remain mixed; the overall consensus is “Hold” with an average price target of $150.
• Shares opened at $88.37, well below the 12-month high of $155.29. The company also reported a quarterly loss of $2.34 per share, missing expectations by $0.06, with analysts projecting a full-year loss of $10.15 per share.
• Institutional investors own 82.46% of the stock, with firms including Morgan Stanley, BlackRock and Perceptive Advisors holding significant positions.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "strong sell" rating in a report released on Monday.

A number of other equities analysts have also recently issued reports on the company. Lifesci Capital raised Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Inhibrx Biosciences presently has an average rating of "Hold" and an average price target of $150.00.

Inhibrx Biosciences Price Performance

Shares of Inhibrx Biosciences stock opened at $88.37 on Monday. Inhibrx Biosciences has a twelve month low of $22.40 and a twelve month high of $155.29. The company has a 50-day simple moving average of $90.88 and a two-hundred day simple moving average of $88.59. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -9.95 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 (NASDAQ:INBX - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($2.34) earnings per share for the quarter, missing analysts' consensus estimates of ($2.28) by ($0.06). Analysts forecast that Inhibrx Biosciences will post -10.15 EPS for the current year.

Institutional Investors Weigh In On Inhibrx Biosciences

Large investors have recently added to or reduced their stakes in the business. Perceptive Advisors LLC lifted its position in Inhibrx Biosciences by 9.4% during the fourth quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company's stock valued at $114,764,000 after purchasing an additional 125,000 shares during the last quarter. Morgan Stanley boosted 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 worth $92,251,000 after purchasing an additional 724,872 shares in the last quarter. BlackRock Inc. bought a new position in shares of Inhibrx Biosciences in the second quarter worth approximately $78,261,000. Sofinnova Investments Inc. boosted its stake in Inhibrx Biosciences by 1.5% during the 2nd quarter. Sofinnova Investments Inc. now owns 708,678 shares of the company's stock valued at $10,113,000 after purchasing an additional 10,762 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Inhibrx Biosciences by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 623,084 shares of the company's stock worth $49,224,000 after buying an additional 28,166 shares in the last quarter. Institutional investors own 82.46% of the company's stock.

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.

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