Inhibrx Biosciences (NASDAQ:INBX) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Inhibrx Biosciences from “hold” to “sell,” while the broader analyst consensus remains “hold” with a $150 price target.
• Shares opened at $82.05 and have traded between $20.55 and $155.29 over the past year. The company reported a quarterly loss of $2.15 per share, missing the consensus estimate of a $1.68 loss.
• Institutional investors and hedge funds own 82.46% of the stock, with several major firms increasing their positions, including Morgan Stanley, which raised its stake by 163.7%.

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

A number of other research firms also recently weighed in on INBX. Stifel Nicolaus began coverage on Inhibrx Biosciences in a research note on Wednesday, April 8th. They issued a "buy" rating and a $150.00 price target on the stock. Zacks Research upgraded Inhibrx Biosciences to a "hold" rating in a research report on Thursday, April 9th. Lifesci Capital raised Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $150.00.

Inhibrx Biosciences Price Performance

Shares of NASDAQ:INBX opened at $82.05 on Friday. The company has a quick ratio of 6.46, a current ratio of 6.46 and a debt-to-equity ratio of 12.58. The company has a market cap of $1.20 billion, a P/E ratio of -9.78 and a beta of 3.41. Inhibrx Biosciences has a 52 week low of $20.55 and a 52 week high of $155.29. The company has a 50-day moving average price of $92.70 and a 200 day moving average price of $87.42.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($2.15) earnings per share for the quarter, missing analysts' consensus estimates of ($1.68) by ($0.47). Research analysts predict that Inhibrx Biosciences will post -10.15 earnings per share for the current year.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of INBX. Perceptive Advisors LLC grew its holdings in shares of Inhibrx Biosciences by 9.4% in the 4th quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company's stock worth $114,764,000 after acquiring an additional 125,000 shares during the period. Morgan Stanley increased 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 purchasing an additional 724,872 shares in the last quarter. Sofinnova Investments Inc. increased 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 purchasing an additional 10,762 shares in the last quarter. Vanguard Group Inc. raised its holdings in Inhibrx Biosciences by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 623,084 shares of the company's stock worth $49,224,000 after purchasing an additional 28,166 shares during the last quarter. Finally, Capital Research Global Investors acquired a new position in Inhibrx Biosciences during the fourth quarter worth $33,304,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

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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