Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 8.7% - Still a Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report)'s stock price rose 8.7% during mid-day trading on Tuesday . The stock traded as high as $20.16 and last traded at $19.94. Approximately 301,071 shares traded hands during mid-day trading, an increase of 211% from the average daily volume of 96,751 shares. The stock had previously closed at $18.35.

Analysts Set New Price Targets

Separately, JMP Securities restated a "market perform" rating on shares of Inhibrx Biosciences in a research report on Thursday, May 15th.

Inhibrx Biosciences Trading Up 3.8%

The company has a fifty day simple moving average of $14.27 and a two-hundred day simple moving average of $13.64. The company has a quick ratio of 5.12, a current ratio of 5.12 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $315.23 million, a P/E ratio of 0.19 and a beta of -0.04.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($2.80) earnings per share for the quarter, missing the consensus estimate of ($2.55) by ($0.25). On average, sell-side analysts expect that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio acquired a new stake in shares of Inhibrx Biosciences in the 1st quarter valued at about $27,000. PNC Financial Services Group Inc. acquired a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at about $28,000. Natixis acquired a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at about $31,000. State of Wyoming acquired a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at about $83,000. Finally, Corebridge Financial Inc. acquired a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at about $89,000. 82.46% of the stock is currently owned by institutional investors.

About Inhibrx Biosciences

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.