Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Up - What's Next?

Key Points

• INBX shares jumped at Monday’s open, rising from a prior close of $80.28 to an opening price of $86.39; they later traded at $88.53.
• Analyst views are mixed, but the stock has a consensus “Moderate Buy” rating and a $197.50 average price target.
• Inhibrx reported quarterly EPS of -$2.34, missing estimates of -$2.28. Insiders bought 62,540 shares and sold 1,500 shares over the past three months.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) shares gapped up before the market opened on Monday. The stock had previously closed at $80.28, but opened at $86.39. Inhibrx Biosciences shares last traded at $88.5250, with a volume of 6,741 shares traded.

Analyst Upgrades and Downgrades

INBX has been the subject of several analyst reports. HC Wainwright assumed coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a "buy" rating and a $245.00 price target for the company. 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. Citigroup reissued a "market perform" rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $197.50.

Inhibrx Biosciences Price Performance

The company has a market capitalization of $1.36 billion, a P/E ratio of -10.38 and a beta of 4.03. The stock has a 50-day moving average price of $98.83 and a 200-day moving average price of $91.80.

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

Insider Activity

In other news, Director Kimberly Manhard sold 500 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $110.26, for a total transaction of $55,130.00. Following the completion of the sale, the director directly owned 8,000 shares in the company, valued at $882,080. This represents a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jon Kayyem bought 5,000 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were purchased at an average cost of $100.00 per share, with a total value of $500,000.00. Following the purchase, the director directly owned 434,360 shares of the company's stock, valued at $43,436,000. The trade was a 1.16% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 62,540 shares of company stock valued at $6,347,507 and have sold 1,500 shares valued at $168,590. Insiders own 18.26% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Sterling Capital Management LLC grew its position in Inhibrx Biosciences by 380.3% in the 3rd quarter. Sterling Capital Management LLC now owns 293 shares of the company's stock worth $29,000 after purchasing an additional 232 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Inhibrx Biosciences in the 2nd quarter valued at about $31,000. China Universal Asset Management Co. Ltd. increased its stake in Inhibrx Biosciences by 15.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,685 shares of the company's stock valued at $281,000 after buying an additional 350 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Inhibrx Biosciences during the 2nd quarter worth approximately $68,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Inhibrx Biosciences during the 3rd quarter worth approximately $75,000. 82.46% of the stock is owned by institutional investors.

Inhibrx Biosciences Company Profile

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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