Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Up - Here's What Happened

Key Points

• Inhibrx Biosciences shares gapped up before trading on Monday, opening at $150.00 after closing at $134.35, though the stock later traded near $136.30.
• Analyst sentiment is mixed but leaning neutral, with recent rating changes including upgrades to hold and buy from some firms, while the consensus from MarketBeat is currently a Hold with a $150 price target.
• The company recently reported Q1 earnings of -$2.11 per share, slightly missing expectations, and analysts expect the biotech to post -11.15 EPS for the current year.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $134.35, but opened at $150.00. Inhibrx Biosciences shares last traded at $136.2960, with a volume of 476,211 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wall Street Zen raised Inhibrx Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Zacks Research raised Inhibrx Biosciences to a "hold" rating in a report on Thursday, April 9th. Weiss Ratings reissued a "sell (d)" rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Lifesci Capital raised Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th. Finally, Stifel Nicolaus assumed coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They issued a "buy" rating and a $150.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $150.00.

Inhibrx Biosciences Stock Down 0.2%

The firm has a fifty day simple moving average of $82.54 and a 200-day simple moving average of $78.99. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of -14.86 and a beta of 3.88. The company has a debt-to-equity ratio of 12.58, a quick ratio of 3.93 and a current ratio of 3.93.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($2.11) earnings per share for the quarter, missing the consensus estimate of ($2.08) by ($0.03). As a group, sell-side analysts expect that Inhibrx Biosciences, Inc. will post -11.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of INBX. Morgan Stanley increased its position in shares of Inhibrx Biosciences by 163.7% in the fourth quarter. Morgan Stanley now owns 1,167,728 shares of the company's stock worth $92,251,000 after purchasing an additional 724,872 shares during the period. Capital Research Global Investors bought a new position in shares of Inhibrx Biosciences in the fourth quarter worth $33,304,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Inhibrx Biosciences in the fourth quarter worth $20,856,000. Caligan Partners LP bought a new position in shares of Inhibrx Biosciences in the third quarter worth $7,961,000. Finally, State Street Corp increased its position in shares of Inhibrx Biosciences by 83.9% in the fourth quarter. State Street Corp now owns 374,961 shares of the company's stock worth $29,622,000 after purchasing an additional 171,038 shares during the period. 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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