Inhibrx Biosciences (NASDAQ:INBX) Trading Down 12.4% - What's Next?

Key Points

• Inhibrx shares fell about 12.4% on Thursday to roughly $124.31, with trading volume near 311,565 shares — about 9% above the average.
• Analysts are mixed: the consensus rating is Hold with an average price target of $150, reflecting 1 Strong Buy, 1 Buy, 3 Holds and 1 Sell and several recent upgrades.
• The company remains unprofitable (market cap ≈ $1.82B), reporting a trailing-quarter EPS of ‑$2.11 (a $0.03 miss), a negative P/E and a high beta (3.88), while institutional investors own about 82.5% of shares.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report)'s stock price was down 12.4% during trading on Thursday . The stock traded as low as $126.29 and last traded at $124.3050. Approximately 311,565 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 284,874 shares. The stock had previously closed at $141.84.

Analysts Set New Price Targets

Several equities research analysts recently commented on INBX shares. 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. Lifesci Capital raised Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th. Stifel Nicolaus started coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They issued a "buy" rating and a $150.00 price target for the company. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $150.00.

Inhibrx Biosciences Stock Performance

The company has a debt-to-equity ratio of 12.58, a current ratio of 3.93 and a quick ratio of 3.93. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of -13.77 and a beta of 3.88. The firm has a fifty day moving average of $81.64 and a 200 day moving average of $78.37.

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

Institutional Investors Weigh In On Inhibrx Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd acquired a new stake in Inhibrx Biosciences during the fourth quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Inhibrx Biosciences by 26.3% during the fourth 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 last quarter. Daiwa Securities Group Inc. acquired a new stake in Inhibrx Biosciences during the fourth quarter worth $66,000. Public Employees Retirement System of Ohio acquired a new stake in Inhibrx Biosciences during the third quarter worth $40,000. Finally, Diadema Partners LP acquired a new stake in Inhibrx Biosciences during the fourth quarter worth $103,000. Institutional investors and hedge funds own 82.46% of the company's stock.

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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