Inhibrx Biosciences (NASDAQ:INBX) Shares Cross Below 200-Day Moving Average - Here's What Happened

Key Points

• Inhibrx Biosciences shares fell below their 200-day moving average, trading as low as $86.92 before closing at $88.61, compared with a 200-day average of $91.47.
• Analyst opinions remain mixed: the stock carries a “Moderate Buy” consensus rating and a $197.50 average price target, despite sell and strong-sell ratings from some analysts.
• The company missed its latest quarterly earnings estimate, reporting a loss of $2.34 per share versus the expected $2.28 loss, while insiders have been net buyers and institutional investors own 82.46% of the stock.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report)'s share price passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $91.47 and traded as low as $86.92. Inhibrx Biosciences shares last traded at $88.61, with a volume of 251,182 shares changing hands.

Wall Street Analyst Weigh In

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

Inhibrx Biosciences Stock Performance

The stock has a market capitalization of $1.30 billion, a PE ratio of -9.98 and a beta of 3.81. The company has a 50 day moving average of $103.80 and a two-hundred day moving average of $91.47.

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, research analysts predict that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current fiscal year.

Insider Activity

In related news, CEO Mark Lappe purchased 10,040 shares of Inhibrx Biosciences stock in a transaction dated Wednesday, October 14th. The shares were acquired at an average cost of $84.56 per share, with a total value of $848,982.40. Following the purchase, the chief executive officer owned 745,588 shares of the company's stock, valued at approximately $63,046,921.28. The trade was a 1.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kimberly Manhard sold 500 shares of the business's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $110.26, for a total value of $55,130.00. Following the completion of the sale, the director directly owned 8,000 shares in the company, valued at approximately $882,080. The trade was a 5.88% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders bought 62,540 shares of company stock valued at $6,347,507 and sold 1,500 shares valued at $168,590. Corporate insiders own 18.26% of the company's stock.

Institutional Trading of Inhibrx Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE purchased a new stake in Inhibrx Biosciences in the second quarter valued at $79,698,000. BlackRock Inc. purchased a new position in Inhibrx Biosciences during the 2nd quarter worth $78,261,000. Parkman Healthcare Partners LLC acquired a new position in Inhibrx Biosciences in the second quarter valued at $24,346,000. SummitTX Capital L.P. increased its position in Inhibrx Biosciences by 66.3% in the 1st 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 period. Finally, Jefferies Financial Group Inc. purchased a new stake in Inhibrx Biosciences during the 2nd quarter valued at approximately $6,956,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a biotechnology company focused on developing biologic medicines for serious and rare diseases. The company uses its proprietary protein-engineering and antibody-development platforms to create therapies designed to address conditions with limited treatment options.

Its lead investigational program was INBRX-101, an engineered recombinant protein developed for alpha-1 antitrypsin deficiency-associated lung disease. The company also advanced other potential treatments, including INBRX-109, an investigational therapy studied in certain solid tumors, and additional biologic candidates targeting oncology and other serious diseases.

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