Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 8% - What's Next?

Key Points

• Inhibrx Biosciences shares jumped 8% on Thursday, trading as high as $105.98 before closing near $104.87, though volume came in below average.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average target price of $150; recent moves included a Stifel “buy” initiation and downgrades from Wall Street Zen and Weiss Ratings.
• The company remains loss-making, reporting an EPS of -$2.15 last quarter versus expectations for -$1.68, while institutional ownership stays high at 82.46%.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) shares rose 8% during trading on Thursday . The stock traded as high as $105.98 and last traded at $104.8740. 246,618 shares were traded during trading, a decline of 24% from the average session volume of 326,625 shares. The stock had previously closed at $97.10.

Analyst Ratings Changes

Several equities research analysts recently issued reports on INBX shares. Stifel Nicolaus assumed coverage on shares of Inhibrx Biosciences in a research note on Wednesday, April 8th. They issued a "buy" rating and a $150.00 price objective for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Lifesci Capital raised Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th. Zacks Research raised Inhibrx Biosciences to a "hold" rating in a research note on Thursday, April 9th. Finally, Wall Street Zen lowered Inhibrx Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. One equities research 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $150.00.

Inhibrx Biosciences Price Performance

The company has a debt-to-equity ratio of 12.58, a current ratio of 6.46 and a quick ratio of 6.46. The stock's fifty day simple moving average is $103.65 and its 200-day simple moving average is $86.46. The company has a market capitalization of $1.54 billion, a P/E ratio of -12.44 and a beta of 3.41.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Persistent Asset Partners Ltd bought a new stake in shares of Inhibrx Biosciences in the fourth quarter valued at approximately $27,000. Strs Ohio acquired a new position in Inhibrx Biosciences during the 1st quarter valued at $27,000. Public Employees Retirement System of Ohio acquired a new position in Inhibrx Biosciences during the 3rd quarter valued at $40,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Inhibrx Biosciences by 26.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company's stock valued at $56,000 after purchasing an additional 147 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in Inhibrx Biosciences by 71.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company's stock valued at $64,000 after purchasing an additional 789 shares during the period. 82.46% of the stock is currently owned by institutional investors and hedge funds.

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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