Inhibrx Biosciences (NASDAQ:INBX) Issues Earnings Results, Beats Expectations By $1.07 EPS

Key Points

• Inhibrx Biosciences reported earnings of ($1.85) per share, exceeding analyst estimates by $1.07 in their latest quarterly earnings announcement.
• The stock price of Inhibrx Biosciences rose by $1.65 to reach $23.57 amid a trading volume of 83,745 shares.
• Institutional investors hold 82.46% of Inhibrx's stock, with recent purchases from firms like Invesco Ltd. and Russell Investments Group Ltd.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) released its earnings results on Wednesday. The company reported ($1.85) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.92) by $1.07, Zacks reports. The firm had revenue of $1.30 million for the quarter.

Inhibrx Biosciences Stock Performance

Inhibrx Biosciences stock traded up $0.41 during midday trading on Monday, reaching $23.74. 34,875 shares of the company's stock were exchanged, compared to its average volume of 104,862. The company has a debt-to-equity ratio of 1.45, a quick ratio of 4.98 and a current ratio of 4.98. Inhibrx Biosciences has a 52 week low of $10.81 and a 52 week high of $25.29. The stock's 50-day simple moving average is $19.36 and its 200 day simple moving average is $15.12. The firm has a market cap of $343.76 million, a price-to-earnings ratio of -2.24 and a beta of 0.24.

Wall Street Analysts Forecast Growth

INBX has been the subject of a number of research reports. JMP Securities reiterated a "market perform" rating on shares of Inhibrx Biosciences in a report on Thursday, May 15th. Wall Street Zen raised shares of Inhibrx Biosciences from a "sell" rating to a "hold" rating in a research note on Sunday.

Institutional Investors Weigh In On Inhibrx Biosciences

Large investors have recently added to or reduced their stakes in the business. Strs Ohio acquired a new position in shares of Inhibrx Biosciences in the first quarter valued at $27,000. Bank of America Corp DE grew its stake in Inhibrx Biosciences by 19.2% in the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company's stock valued at $130,000 after buying an additional 1,469 shares during the last quarter. Invesco Ltd. bought a new position in Inhibrx Biosciences in the 2nd quarter valued at about $193,000. Bridgeway Capital Management LLC acquired a new stake in Inhibrx Biosciences during the second quarter worth approximately $235,000. Finally, Russell Investments Group Ltd. lifted its position in Inhibrx Biosciences by 11.0% during the second quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company's stock worth $428,000 after acquiring an additional 2,963 shares during the last quarter. Institutional investors own 82.46% of the company's stock.

Inhibrx Biosciences Company Profile

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.