Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 5.7% - What's Next?

Key Points

• INBX fell 5.7% on Thursday to about $63.21 (intraday low $63.13) on volume of ~151,977 shares, roughly 23% below its average daily volume and down from a prior close of $67.05.
• Analyst sentiment is weak: Weiss Ratings reiterated a sell (d), and the three analysts covering the stock average a Reduce rating (two Holds, one Sell).
• Key fundamentals: market cap ≈ $927.6M with a negative trailing PE (-7.02); last quarter EPS was ($2.11), missing estimates by $0.03, while the company reports strong liquidity (current and quick ratios 3.93) and ~82.5% institutional ownership.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) dropped 5.7% during trading on Thursday . The stock traded as low as $63.13 and last traded at $63.2090. Approximately 151,977 shares traded hands during trading, a decline of 23% from the average daily volume of 198,184 shares. The stock had previously closed at $67.05.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "sell (d)" rating on shares of Inhibrx Biosciences in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce".

Inhibrx Biosciences Stock Performance

The company has a current ratio of 3.93, a quick ratio of 3.93 and a debt-to-equity ratio of 12.58. The firm's fifty day moving average price is $73.97 and its two-hundred day moving average price is $67.78. The stock has a market capitalization of $927.62 million, a PE ratio of -7.02 and a beta of 1.50.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last released its quarterly earnings results on Thursday, March 19th. The company reported ($2.11) EPS for the quarter, missing the consensus estimate of ($2.08) by ($0.03). As a group, equities research analysts forecast that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC acquired a new stake in Inhibrx Biosciences during the 4th quarter worth $1,615,000. Invesco Ltd. lifted its stake in shares of Inhibrx Biosciences by 539.6% in the fourth quarter. Invesco Ltd. now owns 112,396 shares of the company's stock worth $8,879,000 after buying an additional 94,822 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Inhibrx Biosciences in the fourth quarter worth about $713,000. Virtus Investment Advisers LLC acquired a new position in Inhibrx Biosciences during the fourth quarter worth about $264,000. Finally, SummitTX Capital L.P. boosted its position in Inhibrx Biosciences by 53.1% during the fourth quarter. SummitTX Capital L.P. now owns 82,885 shares of the company's stock worth $6,548,000 after acquiring an additional 28,742 shares during the last quarter. 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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