Inhibrx Biosciences (NASDAQ:INBX) Shares Climb 3.7% - Here's Why

Key Points

• Inhibrx Biosciences shares rose 3.7% to about $103.29, despite unusually light trading volume—25,880 shares versus an average of 318,085.
• Analyst sentiment is mixed but leans positive overall: the stock has a “Moderate Buy” consensus rating and an average price target of $197.50, although some firms recently issued sell or strong-sell opinions.
• Company insiders have been net buyers, acquiring 42,500 shares worth roughly $4.5 million over the past 90 days; insiders own 18.26% of the company, while institutions and hedge funds hold 82.46%.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report)'s share price rose 3.7% on Monday. The stock traded as high as $101.44 and last traded at $103.2880. 25,880 shares were traded during trading, a decline of 92% from the average daily volume of 318,085 shares. The stock had previously closed at $99.61.

Wall Street Analyst Weigh In

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

Inhibrx Biosciences Stock Up 3.8%

The stock has a market capitalization of $1.52 billion, a PE ratio of -11.66 and a beta of 3.66. The stock's 50-day moving average price is $101.24 and its two-hundred day moving average price is $95.58. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07.

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

Insider Buying and Selling

In other Inhibrx Biosciences news, CEO Mark Lappe purchased 25,000 shares of the stock in a transaction dated Tuesday, September 8th. The stock was acquired at an average cost of $105.82 per share, for a total transaction of $2,645,500.00. Following the acquisition, the chief executive officer owned 730,548 shares in the company, valued at $77,306,589.36. This trade represents a 3.54% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas Forsyth acquired 2,500 shares of the business's stock in a transaction dated Tuesday, September 8th. The shares were bought at an average cost of $114.65 per share, for a total transaction of $286,625.00. Following the transaction, the director directly owned 227,064 shares of the company's stock, valued at approximately $26,032,887.60. This trade represents a 1.11% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 42,500 shares of company stock worth $4,499,725 and have sold 1,500 shares worth $168,590. Insiders own 18.26% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new position in shares of Inhibrx Biosciences in the 2nd quarter worth $31,000. Quantbot Technologies LP bought a new stake in shares of Inhibrx Biosciences in the second quarter worth $68,000. State of Wyoming bought a new stake in Inhibrx Biosciences in the second quarter valued at approximately $116,000. Hurley Capital LLC bought a new position in Inhibrx Biosciences during the 4th quarter worth $131,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Inhibrx Biosciences in the second quarter valued at about $194,000. 82.46% of the stock is owned by institutional investors and hedge funds.

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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