Inhibrx Biosciences (NASDAQ:INBX) Shares Up 9.4% - Here's What Happened

Key Points

• Inhibrx Biosciences shares rose 9.4% to about $92 in mid-day trading, though volume was roughly 98% below its daily average.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $197.50; ratings ranged from strong buy to sell.
• The company’s latest quarterly loss per share, $2.34, was slightly worse than analysts’ $2.28 estimate. Insiders have been net buyers over the past 90 days, including purchases by the CEO and a director.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) shares shot up 9.4% during mid-day trading on Tuesday. The company traded as high as $91.99 and last traded at $92.4390. Approximately 5,193 shares were traded during trading, a decline of 98% from the average daily volume of 313,492 shares. The stock had previously closed at $84.52.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on INBX shares. HC Wainwright started coverage on Inhibrx Biosciences in a research report on Monday, August 24th. They set a "buy" rating and a $245.00 price target on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. Wall Street Zen lowered shares of Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a report on Monday, August 17th. Finally, Citigroup restated a "market perform" rating on shares of Inhibrx Biosciences in a research report on Friday, September 18th. One investment 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.com, Inhibrx Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $197.50.

Inhibrx Biosciences Stock Performance

The firm has a 50 day simple moving average of $98.20 and a two-hundred day simple moving average of $91.88. The stock has a market cap of $1.33 billion, a P/E ratio of -10.14 and a beta of 4.03.

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

Insider Activity at Inhibrx Biosciences

In other news, Director Jon Kayyem purchased 5,000 shares of the firm's stock in a transaction on Tuesday, September 8th. The stock was purchased at an average cost of $113.52 per share, with a total value of $567,600.00. Following the purchase, the director owned 424,360 shares in the company, valued at $48,173,347.20. This trade represents a 1.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Lappe purchased 25,000 shares of the stock in a transaction dated Tuesday, September 8th. The shares were purchased at an average price of $105.82 per share, for a total transaction of $2,645,500.00. Following the completion of the transaction, 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 SEC filing for this purchase provides additional information. Over the last ninety days, insiders have acquired 62,540 shares of company stock worth $6,347,507 and have sold 1,500 shares worth $168,590. 18.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of INBX. Bank of America Corp DE bought a new position in Inhibrx Biosciences during the 2nd quarter valued at about $79,698,000. BlackRock Inc. bought a new stake in shares of Inhibrx Biosciences during the 2nd quarter valued at $78,261,000. Parkman Healthcare Partners LLC bought a new stake in Inhibrx Biosciences in the second quarter valued at about $24,346,000. Jefferies Financial Group Inc. acquired a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at approximately $6,956,000. Finally, SummitTX Capital L.P. raised its holdings in Inhibrx Biosciences by 66.3% in the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company's stock worth $9,266,000 after purchasing an additional 54,936 shares during the period. Institutional investors own 82.46% of the company's stock.

Inhibrx Biosciences Company Profile

Inhibrx Biosciences, Inc is a U.S.-based biopharmaceutical company focused on developing biologic medicines for cancer and other serious diseases. Its research uses protein engineering to create investigational therapies designed to engage specific targets in the body.

The company's oncology pipeline has included INBRX-109, an antibody designed to activate the DR5 receptor and studied for chondrosarcoma, and INBRX-106, an investigational OX40-targeting antibody. These candidates are experimental and are not approved medicines.

Inhibrx Biosciences emerged in 2024 from the restructuring of its former parent, Inhibrx, Inc, following Sanofi's acquisition of certain Inhibrx assets.

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