Inhibrx Biosciences (NASDAQ:INBX) Reaches New 52-Week High - Should You Buy?

Key Points

• Inhibrx Biosciences shares reached a new 52-week high of $38.51, closing at $38.06, with a trading volume of 16,527 shares.
• While analysts have mixed ratings on the stock, it currently holds an average rating of "Reduce," with one "Hold" and one "Sell" rating.
• The company's recent earnings report showed an EPS of ($1.85), significantly beating expectations, and an anticipated total EPS of 104.88 for the current year.

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $38.51 and last traded at $38.06, with a volume of 16527 shares. The stock had previously closed at $37.25.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on INBX shares. JMP Securities reissued a "market perform" rating on shares of Inhibrx Biosciences in a research note on Friday, August 22nd. Wall Street Zen raised Inhibrx Biosciences from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Inhibrx Biosciences in a report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Inhibrx Biosciences presently has an average rating of "Reduce".

Inhibrx Biosciences Stock Performance

The stock has a 50 day simple moving average of $29.10 and a two-hundred day simple moving average of $20.26. The company has a debt-to-equity ratio of 1.45, a current ratio of 4.98 and a quick ratio of 4.98. The company has a market capitalization of $553.79 million, a price-to-earnings ratio of -3.61 and a beta of 0.51.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($1.85) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.92) by $1.07. The company had revenue of $1.30 million during the quarter. As a group, analysts anticipate that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current year.

Insider Activity at Inhibrx Biosciences

In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the firm's stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $32.25, for a total value of $11,287,500.00. Following the transaction, the insider owned 67,018 shares of the company's stock, valued at $2,161,330.50. This trade represents a 83.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Trading of Inhibrx Biosciences

Large investors have recently added to or reduced their stakes in the company. Strs Ohio acquired a new position in shares of Inhibrx Biosciences during the first quarter worth approximately $27,000. Bank of America Corp DE increased its position in shares of Inhibrx Biosciences by 19.2% during the second quarter. Bank of America Corp DE now owns 9,130 shares of the company's stock worth $130,000 after acquiring an additional 1,469 shares in the last quarter. Bluefin Capital Management LLC acquired a new stake in Inhibrx Biosciences in the first quarter valued at $160,000. Invesco Ltd. acquired a new stake in shares of Inhibrx Biosciences during the 2nd quarter worth about $193,000. Finally, Ethic Inc. bought a new position in Inhibrx Biosciences during the second quarter worth about $227,000. 82.46% of the stock is owned by institutional investors.

About Inhibrx Biosciences

Inhibrx, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of novel biologic therapeutic candidates. The company's therapeutic candidate includes INBRX-101, an alpha-1 antitrypsin (AAT)-Fc fusion protein therapeutic candidate, which is in Phase 1 clinical trials for use in the treatment of patients with AAT deficiency.

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