Inhibrx Biosciences (NASDAQ:INBX) Director Douglas Forsyth Acquires 2,500 Shares

Key Points

• Director Douglas Forsyth bought 2,500 INBX shares at an average price of $114.65, investing $286,625 and increasing his stake by 1.11% to 227,064 shares.
• Inhibrx shares fell 5.6% to $114.34 during Tuesday trading, despite trading volume significantly above its average. The company recently reported a quarterly loss of $2.34 per share, missing estimates by $0.06.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $197.50 price target; institutional investors own 82.46% of the company.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) Director Douglas Forsyth acquired 2,500 shares of the business's stock in a transaction on Tuesday, September 8th. The shares were bought at an average price of $114.65 per share, for a total transaction of $286,625.00. Following the acquisition, the director owned 227,064 shares in the company, valued at approximately $26,032,887.60. This trade represents a 1.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Inhibrx Biosciences Trading Down 5.6%

Shares of INBX traded down $6.83 during midday trading on Tuesday, hitting $114.34. The stock had a trading volume of 1,619,300 shares, compared to its average volume of 319,628. The business has a 50-day simple moving average of $97.77 and a two-hundred day simple moving average of $92.51. The firm has a market cap of $1.68 billion, a P/E ratio of -12.88 and a beta of 3.66. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 12.58. Inhibrx Biosciences, Inc. has a fifty-two week low of $26.19 and a fifty-two week high of $155.29.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing analysts' consensus estimates of ($2.28) by ($0.06). As a group, equities analysts forecast that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current year.

Institutional Investors Weigh In On Inhibrx Biosciences

Large investors have recently made changes to their positions in the company. Persistent Asset Partners Ltd acquired a new position in Inhibrx Biosciences in the fourth quarter valued at about $27,000. Strs Ohio bought a new position in shares of Inhibrx Biosciences in the first quarter valued at approximately $27,000. Public Employees Retirement System of Ohio bought a new position in shares of Inhibrx Biosciences in the third quarter valued at approximately $40,000. BNP Paribas Financial Markets boosted its holdings in shares of Inhibrx Biosciences by 71.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company's stock worth $64,000 after acquiring an additional 789 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Inhibrx Biosciences in the 4th quarter worth approximately $66,000. Institutional investors own 82.46% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on INBX. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Citigroup reaffirmed a "market perform" rating on shares of Inhibrx Biosciences in a research note on Thursday, August 27th. Wall Street Zen downgraded Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a report on Monday, August 17th. Finally, HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They issued a "buy" rating and a $245.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $197.50.

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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