Inhibrx Biosciences (NASDAQ:INBX) Sees Strong Trading Volume - Time to Buy?

Key Points

• Inhibrx Biosciences shares fell 11.1% to about $97.06 despite unusually high trading volume, with 332,846 shares changing hands—7% above the prior session.
• Analyst sentiment is mixed but averages to a “Moderate Buy”, with a consensus price target of $197.50; targets range from a $245 buy rating to sell and strong-sell calls.
• The company remains loss-making after reporting a quarterly EPS loss of $2.34, missing estimates, while institutional investors own a substantial 82.46% stake.

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) saw unusually-high trading volume on Tuesday . 332,846 shares changed hands during mid-day trading, an increase of 7% from the previous session's volume of 311,249 shares.The stock last traded at $97.0620 and had previously closed at $121.17.

Wall Street Analyst Weigh In

A number of research firms recently commented on INBX. HC Wainwright assumed 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. Wall Street Zen downgraded 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 report on Tuesday, June 16th. Finally, Citigroup restated a "market perform" rating on shares of Inhibrx Biosciences in a research note on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $197.50.

Inhibrx Biosciences Trading Down 11.1%

The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07. The business's 50-day moving average price is $97.77 and its two-hundred day moving average price is $92.51. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -12.04 and a beta of 3.66.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Western Standard LLC bought a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at about $4,453,000. Parkman Healthcare Partners LLC acquired a new position in shares of Inhibrx Biosciences in the 2nd quarter worth approximately $24,346,000. Nicholas Investment Partners LP bought a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at $2,032,000. BlackRock Inc. acquired a new position in Inhibrx Biosciences in the second quarter valued at $78,261,000. Finally, SummitTX Capital L.P. boosted its position in Inhibrx Biosciences by 66.3% during the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company's stock valued at $9,266,000 after acquiring an additional 54,936 shares during the last quarter. Institutional investors own 82.46% of the company's stock.

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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