Inhibrx Biosciences (NASDAQ:INBX) Stock: Insider Mark Lappe Acquires 10,040 Shares

Key Points

• CEO Mark Lappe bought 10,040 INBX shares at an average price of $84.56, investing approximately $849,000 and increasing his direct ownership to 745,588 shares.
• Inhibrx shares traded at $85.26, well below their 50-day and 200-day moving averages of $104.24 and $98.09, respectively. The company recently reported a quarterly loss of $2.34 per share, missing analyst expectations.
• Analyst sentiment remains mixed, but the stock carries a “Moderate Buy” consensus rating with an average price target of $197.50; institutional investors own approximately 82.46% of the shares.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) CEO Mark Lappe bought 10,040 shares of the company's stock in a transaction that occurred on Wednesday, October 14th. The stock was bought at an average cost of $84.56 per share, for a total transaction of $848,982.40. Following the completion of the transaction, the chief executive officer directly owned 745,588 shares in the company, valued at approximately $63,046,921.28. The trade was a 1.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Mark Lappe also recently made the following trade(s):

• On Monday, September 28th, Mark Lappe bought 4,500 shares of Inhibrx Biosciences stock. The shares were purchased at an average price of $100.76 per share, for a total transaction of $453,420.00.
• On Friday, September 25th, Mark Lappe purchased 5,500 shares of Inhibrx Biosciences stock. The shares were purchased at an average cost of $99.16 per share, for a total transaction of $545,380.00.
• On Tuesday, September 8th, Mark Lappe acquired 25,000 shares of Inhibrx Biosciences stock. The stock was purchased at an average price of $105.82 per share, with a total value of $2,645,500.00.

Inhibrx Biosciences Stock Performance

Shares of INBX traded down $1.82 during mid-day trading on Wednesday, reaching $85.26. 246,098 shares of the company's stock were exchanged, compared to its average volume of 252,257. The business's fifty day simple moving average is $104.24 and its 200-day simple moving average is $98.09. Inhibrx Biosciences, Inc. has a 52-week low of $28.16 and a 52-week high of $155.29.

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

Institutional Trading of Inhibrx Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Perceptive Advisors LLC raised its holdings in Inhibrx Biosciences by 9.4% during the fourth quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company's stock worth $114,764,000 after purchasing an additional 125,000 shares in the last quarter. Bank of America Corp DE purchased a new stake in Inhibrx Biosciences in the 2nd quarter valued at approximately $79,698,000. BlackRock Inc. purchased a new stake in Inhibrx Biosciences in the 2nd quarter valued at approximately $78,261,000. Sofinnova Investments Inc. boosted its holdings in Inhibrx Biosciences by 3.3% in the 4th quarter. Sofinnova Investments Inc. now owns 454,657 shares of the company's stock valued at $35,918,000 after purchasing an additional 14,565 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Inhibrx Biosciences during the 4th quarter worth approximately $20,856,000. Hedge funds and other institutional investors own 82.46% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Inhibrx Biosciences in a research note on Friday, September 11th. Citigroup reissued a "market perform" rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. Wall Street Zen cut Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. Finally, HC Wainwright started coverage on Inhibrx Biosciences in a report on Monday, August 24th. They set a "buy" rating and a $245.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $197.50.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a biotechnology company focused on discovering and developing engineered biologic medicines for serious diseases with limited treatment options. The company's platform has been used to create multifunctional proteins and antibody-based therapies designed to address targets that may be difficult to treat with conventional drugs.

Its leading program was INBRX-101, an engineered recombinant human alpha-1 antitrypsin therapy developed for patients with alpha-1 antitrypsin deficiency-associated lung disease.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.