Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Down After Earnings Miss

Key Points

• Inhibrx Biosciences shares fell after an earnings miss, opening at $91.80 versus a prior close of $97.01. The company reported quarterly EPS of $(2.34), below the consensus estimate of $(2.28).
• Analyst sentiment remains mixed, with ratings ranging from Strong Buy to Sell. The stock has an average rating of Hold and an average price target of $150.
• Institutional investors own 82.46% of the company, while Inhibrx has a $1.34 billion market capitalization and high financial leverage, reflected in a debt-to-equity ratio of 12.58.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) shares gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $97.01, but opened at $91.80. Inhibrx Biosciences shares last traded at $92.6020, with a volume of 39,119 shares traded.

The company reported ($2.34) EPS for the quarter, missing analysts' consensus estimates of ($2.28) by ($0.06).

Analysts Set New Price Targets

Several research firms have issued reports on INBX. Lifesci Capital raised shares of Inhibrx Biosciences to a "strong-buy" rating in a research note on Friday, April 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Finally, Wall Street Zen raised shares of Inhibrx Biosciences from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Inhibrx Biosciences has an average rating of "Hold" and an average price target of $150.00.

Hedge Funds Weigh In On Inhibrx Biosciences

Several large investors have recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd acquired a new stake in Inhibrx Biosciences in the 4th quarter worth about $27,000. Strs Ohio acquired a new position in shares of Inhibrx Biosciences during the 1st quarter valued at about $27,000. Public Employees Retirement System of Ohio purchased a new position in shares of Inhibrx Biosciences during the 3rd quarter worth about $40,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Inhibrx Biosciences by 26.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company's stock worth $56,000 after acquiring an additional 147 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in shares of Inhibrx Biosciences by 71.9% in the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company's stock worth $64,000 after acquiring an additional 789 shares during the last quarter. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

Inhibrx Biosciences Price Performance

The company's 50-day moving average is $90.85 and its 200-day moving average is $88.48. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -10.86 and a beta of 3.51. The company has a debt-to-equity ratio of 12.58, a current ratio of 6.46 and a quick ratio of 6.46.

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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