Inhibrx Biosciences (NASDAQ:INBX) Shares Down 6.6% - What's Next?

Key Points

• Inhibrx Biosciences shares fell 6.6% to $96.76 in mid-day trading, with volume down 58% from the average.
• Analyst sentiment is mixed: HC Wainwright initiated coverage with a Buy rating and a $245 price target, while other firms issued Sell or Strong Sell ratings. The overall consensus remains “Moderate Buy,” with an average target of $197.50.
• The company reported a quarterly loss of $2.34 per share, missing estimates by $0.06, and analysts expect a full-year loss of $10.88 per share. Institutional investors own approximately 82.46% of the stock.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) traded down 6.6% during mid-day trading on Monday . The stock traded as low as $94.20 and last traded at $96.76. Approximately 131,169 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 311,598 shares. The stock had previously closed at $103.63.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on INBX. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research note on Monday. They issued a "buy" rating and a $245.00 price objective for the company. Finally, Wall Street Zen lowered shares of Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $197.50.

Inhibrx Biosciences Stock Performance

The firm has a market cap of $1.46 billion, a PE ratio of -11.17 and a beta of 3.51. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 12.58. The company has a 50-day simple moving average of $91.63 and a two-hundred day simple moving average of $89.38.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($2.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.28) by ($0.06). As a group, equities research analysts forecast that Inhibrx Biosciences, Inc. will post -10.88 earnings per share for the current year.

Institutional Trading of Inhibrx Biosciences

A number of large investors have recently added to or reduced their stakes in INBX. Persistent Asset Partners Ltd purchased a new position in Inhibrx Biosciences in the fourth quarter valued at about $27,000. Strs Ohio purchased a new stake in shares of Inhibrx Biosciences during the 1st quarter worth approximately $27,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Inhibrx Biosciences during the 3rd quarter worth approximately $40,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Inhibrx Biosciences by 26.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company's stock worth $56,000 after purchasing an additional 147 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of Inhibrx Biosciences by 71.9% in 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 during the period. Hedge funds and other institutional investors own 82.46% of the company's stock.

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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