Inhibrx Biosciences (NASDAQ:INBX) Shares Up 11.6% - Here's What Happened

Key Points

• Inhibrx Biosciences shares jumped 11.6% to about $80.54 in mid-day trading, despite volume running 62% below the daily average.
• Analyst sentiment is mixed but averages to a “Moderate Buy” rating, with a consensus price target of $197.50; targets range from a $245 buy call to sell recommendations.
• The company recently missed quarterly earnings expectations, reporting a loss of $2.34 per share versus the forecasted $2.28 loss. Insiders have been net buyers over the past 90 days, while institutional investors own 82.46% of outstanding shares.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) shares traded up 11.6% during mid-day trading on Tuesday. The stock traded as high as $80.77 and last traded at $80.5440. 120,094 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 312,897 shares. The stock had previously closed at $72.16.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on INBX shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. Citigroup restated a "market perform" rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. HC Wainwright initiated coverage on Inhibrx Biosciences in a research note on Monday, August 24th. They issued a "buy" rating and a $245.00 price objective for the company. Finally, Wall Street Zen downgraded Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a report on Monday, August 17th. One 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $197.50.

Inhibrx Biosciences Price Performance

The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -9.20 and a beta of 3.81. The business's 50 day moving average is $101.71 and its 200 day moving average is $91.60.

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

Insider Activity

In related news, Director Kimberly Manhard sold 500 shares of the company's stock in a transaction 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 owned 8,000 shares in the company, valued at $882,080. This represents a 5.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Lappe purchased 10,040 shares of Inhibrx Biosciences stock in a transaction that occurred on Wednesday, October 14th. The stock was acquired at an average price of $84.56 per share, with a total value of $848,982.40. Following the transaction, the chief executive officer owned 745,588 shares in the company, valued at $63,046,921.28. The trade was a 1.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety 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 Investors Weigh In On Inhibrx Biosciences

Several hedge funds have recently made changes to their positions in the business. Opaleye Management Inc. purchased a new stake in shares of Inhibrx Biosciences in the second quarter valued at approximately $1,923,000. Nicholas Investment Partners LP purchased a new position in Inhibrx Biosciences in the second quarter worth $2,032,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Inhibrx Biosciences by 29,850.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,067 shares of the company's stock valued at $1,901,000 after acquiring an additional 20,000 shares during the period. Western Standard LLC acquired a new stake in Inhibrx Biosciences in the second quarter valued at $4,453,000. Finally, Bank of New York Mellon Corp acquired a new stake in Inhibrx Biosciences in the second quarter valued at $2,482,000. Institutional investors and hedge funds own 82.46% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.