Inhibrx Biosciences (NASDAQ:INBX) Earns Buy Rating from Analysts at HC Wainwright

Key Points

• HC Wainwright initiated coverage of Inhibrx Biosciences with a Buy rating and a $245 price target, implying 136.42% upside from the prior close.
• Analyst sentiment is mixed but leans positive: the stock has a consensus rating of “Moderate Buy” and an average price target of $197.50, despite recent Sell and Strong Sell ratings.
• Inhibrx reported a quarterly loss of $2.34 per share, missing estimates by $0.06, while institutional investors and hedge funds own 82.46% of the company.

Analysts at HC Wainwright began coverage on shares of Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) in a report released on Monday,Benzinga reports. The firm set a "buy" rating and a $245.00 price target on the stock. HC Wainwright's target price suggests a potential upside of 136.42% from the company's previous close.

A number of other brokerages have also recently commented on INBX. Wall Street Zen cut Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $197.50.

Inhibrx Biosciences Price Performance

NASDAQ:INBX opened at $103.63 on Monday. 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 has a 12-month low of $24.00 and a 12-month high of $155.29. The stock's fifty day simple moving average is $91.63 and its 200-day simple moving average is $89.38. The firm has a market capitalization of $1.53 billion, a P/E ratio of -11.67 and a beta of 3.51.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing analysts' consensus estimates of ($2.28) by ($0.06). Equities research analysts expect that Inhibrx Biosciences will post -10.88 earnings per share for the current year.

Institutional Trading of Inhibrx Biosciences

Hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in Inhibrx Biosciences by 26.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company's stock valued at $56,000 after purchasing an additional 147 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Inhibrx Biosciences during the 4th quarter worth approximately $27,000. Quantbot Technologies LP acquired a new position in shares of Inhibrx Biosciences during the 2nd quarter worth approximately $68,000. BNP Paribas Financial Markets raised its stake in shares of Inhibrx Biosciences by 71.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company's stock worth $64,000 after purchasing an additional 789 shares in the last quarter. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Inhibrx Biosciences during the 4th quarter worth approximately $66,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

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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