Inhibrx Biosciences (NASDAQ:INBX) Shares Down 7% - Here's What Happened

Key Points

• Inhibrx Biosciences shares fell 7% in mid-day trading Friday, hitting an intraday low of $97.30 after closing at $103.85 the previous day. Trading volume was far below average, with about 52,007 shares changing hands.
• Analyst sentiment remains mixed, but the stock’s overall rating is currently Hold with an average target price of $150. Recent actions included a downgrade from Wall Street Zen to sell and an upgrade from Lifesci Capital to strong-buy.
• The company recently reported a Q1 earnings miss, posting a loss of $2.15 per share versus expectations of a $1.68 loss. Analysts are expecting Inhibrx to post a full-year EPS of -10.15.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report)'s share price was down 7% during mid-day trading on Friday . The stock traded as low as $97.30 and last traded at $96.5930. Approximately 52,007 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 328,462 shares. The stock had previously closed at $103.85.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Stifel Nicolaus initiated coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They issued a "buy" rating and a $150.00 target price on the stock. Zacks Research raised shares of Inhibrx Biosciences to a "hold" rating in a research report on Thursday, April 9th. Lifesci Capital upgraded shares of Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th. Finally, Wall Street Zen downgraded shares of Inhibrx Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. One research 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 issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $150.00.

Inhibrx Biosciences Trading Down 9.7%

The company has a 50 day moving average of $103.11 and a 200 day moving average of $86.58. The firm has a market cap of $1.38 billion, a P/E ratio of -11.02 and a beta of 3.41. The company has a debt-to-equity ratio of 12.58, a quick ratio of 6.46 and a current ratio of 6.46.

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

Institutional Investors Weigh In On Inhibrx Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the business. Seven Fleet Capital Management LP bought a new stake in Inhibrx Biosciences in the first quarter worth $167,000. Janus Henderson Group PLC bought a new position in Inhibrx Biosciences during the first quarter valued at about $229,000. The Manufacturers Life Insurance Company raised its holdings in Inhibrx Biosciences by 51.8% during the first quarter. The Manufacturers Life Insurance Company now owns 4,228 shares of the company's stock valued at $284,000 after buying an additional 1,443 shares in the last quarter. Quantinno Capital Management LP boosted its stake in shares of Inhibrx Biosciences by 76.4% during the 1st quarter. Quantinno Capital Management LP now owns 17,704 shares of the company's stock worth $1,190,000 after acquiring an additional 7,666 shares in the last quarter. Finally, SummitTX Capital L.P. increased its holdings in shares of Inhibrx Biosciences by 66.3% during the 1st quarter. SummitTX Capital L.P. now owns 137,821 shares of the company's stock valued at $9,266,000 after acquiring an additional 54,936 shares during the last quarter. Institutional investors and hedge funds 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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