Mark Lappe Purchases 25,000 Shares of Inhibrx Biosciences (NASDAQ:INBX) Stock

Key Points

• CEO Mark Lappe bought 25,000 Inhibrx Biosciences shares at an average price of $105.82, investing approximately $2.65 million and increasing his direct ownership by 3.54% to 730,548 shares.
• INBX shares fell 5.6% to $114.34 during the reported trading session. The company recently missed quarterly earnings expectations, reporting a loss of $2.34 per share versus the $2.28 consensus estimate.
• Analyst opinions remain mixed, but the stock carries a consensus “Moderate Buy” rating and a $197.50 price target. Institutional investors own 82.46% of the company, with BlackRock and other firms recently establishing or expanding positions.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) CEO Mark Lappe purchased 25,000 shares of the business's stock in a transaction that occurred on Tuesday, September 8th. The shares were purchased at an average price of $105.82 per share, for a total transaction of $2,645,500.00. Following the completion of the acquisition, the chief executive officer directly owned 730,548 shares in the company, valued at $77,306,589.36. The trade was a 3.54% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Inhibrx Biosciences Trading Down 5.6%

INBX stock traded down $6.83 during mid-day trading on Tuesday, reaching $114.34. The company had a trading volume of 1,619,098 shares, compared to its average volume of 319,628. The firm has a 50 day moving average of $97.77 and a 200 day moving average of $92.51. The company has a market capitalization of $1.68 billion, a PE ratio of -12.88 and a beta of 3.66. Inhibrx Biosciences, Inc. has a 12 month low of $26.19 and a 12 month high of $155.29. The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Western Standard LLC purchased a new position in Inhibrx Biosciences during the second quarter worth approximately $4,453,000. Nicholas Investment Partners LP purchased a new position in Inhibrx Biosciences in the 2nd quarter worth approximately $2,032,000. Parkman Healthcare Partners LLC acquired a new stake in Inhibrx Biosciences during the 2nd quarter valued at $24,346,000. BlackRock Inc. acquired a new stake in shares of Inhibrx Biosciences during the second quarter valued at about $78,261,000. Finally, SummitTX Capital L.P. increased its holdings in Inhibrx Biosciences by 66.3% during the 1st quarter. SummitTX Capital L.P. now owns 137,821 shares of the company's stock worth $9,266,000 after purchasing an additional 54,936 shares during the last quarter. 82.46% of the stock is currently owned by institutional investors and hedge funds.

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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