Inhibrx Biosciences (NASDAQ:INBX) Trading Up 9.4% - Should You Buy?

Key Points

• Shares rose 9.4% to about $125.86 on Thursday (intraday high $129.30) on below-average volume of ~105,551 shares versus the 246,054 daily average.
• Analysts are mixed with a consensus rating of "Hold" and a $150 target (1 Buy, 3 Hold, 1 Sell); Stifel initiated coverage with a Buy at $150 while others have downgraded or maintained cautious views.
• Inhibrx is a clinical-stage biotech (market cap ~$1.86B) with negative earnings—Q1 EPS of -$2.11 missed estimates and a projected full-year EPS of -11.01—and its lead program is the tetravalent agonist INBRX-109.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report)'s share price was up 9.4% on Thursday . The stock traded as high as $129.30 and last traded at $125.8550. Approximately 105,551 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 246,054 shares. The stock had previously closed at $115.09.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on INBX shares. Stifel Nicolaus started coverage on shares of Inhibrx Biosciences in a research report on Wednesday, April 8th. They issued a "buy" rating and a $150.00 target price on the stock. Weiss Ratings reissued a "sell (d)" rating on shares of Inhibrx Biosciences in a research report on Thursday, January 22nd. Wall Street Zen downgraded shares of Inhibrx Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Finally, Zacks Research raised shares of Inhibrx Biosciences to a "hold" rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $150.00.

Inhibrx Biosciences Price Performance

The stock's 50-day moving average is $73.55 and its 200 day moving average is $72.76. The stock has a market capitalization of $1.86 billion, a PE ratio of -14.06 and a beta of 1.82. The company has a quick ratio of 3.93, a current ratio of 3.93 and a debt-to-equity ratio of 12.58.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last announced its quarterly earnings data on Thursday, March 19th. The company reported ($2.11) EPS for the quarter, missing analysts' consensus estimates of ($2.08) by ($0.03). As a group, equities analysts predict that Inhibrx Biosciences, Inc. will post -11.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its position 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 valued at $56,000 after purchasing an additional 147 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Inhibrx Biosciences by 1.3% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 22,883 shares of the company's stock valued at $1,808,000 after acquiring an additional 299 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in Inhibrx Biosciences in the fourth quarter valued at approximately $27,000. BNP Paribas Financial Markets lifted its stake in Inhibrx Biosciences by 71.9% in the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company's stock valued at $64,000 after acquiring an additional 789 shares during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in Inhibrx Biosciences in the fourth quarter valued at approximately $66,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

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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