Insider Buying: Inhibrx Biosciences (NASDAQ:INBX) Director Buys 5,000 Shares of Stock

Key Points

• Director Jon Kayyem purchased 5,000 Inhibrx Biosciences shares at $100 each, investing $500,000 and increasing his direct ownership to 429,360 shares. This follows another 5,000-share purchase earlier in September at $113.52 per share.
• INBX shares rose 2.9% to $104.73, with a market capitalization of approximately $1.54 billion. The company recently reported a quarterly loss of $2.34 per share, slightly worse than analyst expectations.
• Institutional investors own 82.46% of the stock, while analyst opinions remain mixed; the consensus rating is Moderate Buy with a $197.50 price target.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) Director Jon Kayyem bought 5,000 shares of the firm's stock in a transaction on Wednesday, September 16th. The stock was purchased at an average price of $100.00 per share, for a total transaction of $500,000.00. Following the completion of the acquisition, the director directly owned 429,360 shares in the company, valued at $42,936,000. The trade was a 1.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Jon Faiz Kayyem also recently made the following trade(s):

• On Tuesday, September 8th, Jon Kayyem purchased 5,000 shares of Inhibrx Biosciences stock. The shares were purchased at an average cost of $113.52 per share, for a total transaction of $567,600.00.

Inhibrx Biosciences Trading Up 2.9%

Inhibrx Biosciences stock traded up $2.96 during mid-day trading on Thursday, hitting $104.73. The company's stock had a trading volume of 215,669 shares, compared to its average volume of 320,164. The stock's fifty day moving average is $99.49 and its two-hundred day moving average is $93.99. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 12.58. The firm has a market capitalization of $1.54 billion, a PE ratio of -11.79 and a beta of 3.66. Inhibrx Biosciences, Inc. has a 1 year low of $26.20 and a 1 year high of $155.29.

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

Hedge Funds Weigh In On Inhibrx Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in INBX. Perceptive Advisors LLC lifted its stake in Inhibrx Biosciences by 9.4% in the fourth quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company's stock worth $114,764,000 after acquiring an additional 125,000 shares during the last quarter. Bank of America Corp DE acquired a new stake in Inhibrx Biosciences during the second quarter worth approximately $79,698,000. BlackRock Inc. acquired a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at $78,261,000. Sofinnova Investments Inc. grew its position in shares of 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 buying an additional 14,565 shares during the last quarter. Finally, Capital Research Global Investors acquired a new stake in Inhibrx Biosciences during the 4th quarter worth $33,304,000. 82.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on INBX shares. Wall Street Zen lowered Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Friday, September 11th. Citigroup reissued a "market perform" rating on shares of Inhibrx Biosciences in a research note on Thursday, August 27th. Finally, HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a "buy" rating and a $245.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $197.50.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing biologic medicines for serious diseases with limited treatment options. The company uses a proprietary protein-engineering platform to design novel therapeutic proteins, including multivalent and long-acting biologics intended to selectively affect disease-related biological pathways.

Inhibrx's development programs have included INBRX-101, also known as efzofitimod, an engineered fibroblast growth factor 1 intended for the treatment of alpha-1 antitrypsin deficiency-associated emphysema and other inflammatory lung conditions.

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