Inhibrx Biosciences (NASDAQ:INBX) Posts Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Key Points

• Inhibrx Biosciences reported a quarterly loss of $2.34 per share, missing analysts’ consensus estimate by $0.06.
• Shares fell 1.4% to $97.01 after the results. The stock has a wide 52-week range of $22.40 to $155.29 and remains highly volatile, with a beta of 3.51.
• Analyst sentiment is mixed, resulting in an overall “Hold” rating and a consensus price target of $150; institutional investors own 82.46% of the company.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) released its quarterly earnings data on Thursday. The company reported ($2.34) earnings per share for the quarter, missing analysts' consensus estimates of ($2.28) by ($0.06), FiscalAI reports.

Inhibrx Biosciences Stock Down 1.4%

Shares of INBX stock traded down $1.35 during trading hours on Thursday, reaching $97.01. 251,196 shares of the company's stock were exchanged, compared to its average volume of 314,311. The stock's 50 day moving average is $90.73 and its 200-day moving average is $88.32. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -11.56 and a beta of 3.51. The company has a current ratio of 6.46, a quick ratio of 6.46 and a debt-to-equity ratio of 12.58. Inhibrx Biosciences has a fifty-two week low of $22.40 and a fifty-two week high of $155.29.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on INBX shares. Lifesci Capital upgraded 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 report on Tuesday, June 16th. Finally, Wall Street Zen upgraded Inhibrx Biosciences from a "sell" rating to a "hold" rating in a research note on Sunday. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $150.00.

Institutional Trading of Inhibrx Biosciences

Institutional investors have recently made changes to their positions in the business. Invesco Ltd. increased its position in Inhibrx Biosciences by 539.6% during the 4th quarter. Invesco Ltd. now owns 112,396 shares of the company's stock valued at $8,879,000 after buying an additional 94,822 shares in the last quarter. Corient Private Wealth LLC acquired a new stake in Inhibrx Biosciences in the fourth quarter worth about $1,615,000. XTX Topco Ltd acquired a new stake in Inhibrx Biosciences in the fourth quarter worth about $713,000. Virtus Investment Advisers LLC purchased a new stake in shares of Inhibrx Biosciences during the fourth quarter worth about $264,000. Finally, SummitTX Capital L.P. grew its stake in shares of Inhibrx Biosciences by 53.1% during the fourth quarter. SummitTX Capital L.P. now owns 82,885 shares of the company's stock worth $6,548,000 after acquiring an additional 28,742 shares during the last quarter. Institutional investors and hedge funds own 82.46% of the company's stock.

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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