Inhibrx Biosciences (NASDAQ:INBX) Stock Jumps 10% - Here's Why

Key Points

• Inhibrx Biosciences shares jumped about 10% to roughly $97.45 in midday trading, despite volume running 68% below its average.
• Analyst sentiment is mixed but leans positive overall: MarketBeat reports a “Moderate Buy” consensus and an average price target of $197.50, though ratings range from Strong Buy to Sell.
• Insider buying supported the rally, with insiders purchasing 62,540 shares worth about $6.35 million over the past 90 days; the company’s latest quarterly EPS loss also missed estimates.

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) traded up 10% on Tuesday. The stock traded as high as $96.38 and last traded at $97.4470. 98,574 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 308,014 shares. The stock had previously closed at $88.61.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup reiterated a "market perform" rating on shares of Inhibrx Biosciences in a research report on Friday, September 18th. HC Wainwright began coverage on shares of Inhibrx Biosciences in a research report on Monday, August 24th. They set a "buy" rating and a $245.00 target price on the stock. 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. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Friday, September 11th. 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 issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $197.50.

Inhibrx Biosciences Trading Up 8.8%

The firm has a market capitalization of $1.42 billion, a PE ratio of -10.86 and a beta of 3.81. The business has a 50-day moving average of $103.80 and a 200 day moving average of $91.47.

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

Insiders Place Their Bets

In related news, CEO Mark Lappe purchased 10,040 shares of the stock in a transaction that occurred on Wednesday, October 14th. The stock was bought at an average cost of $84.56 per share, for a total transaction of $848,982.40. Following the completion of the transaction, the chief executive officer directly owned 745,588 shares in the company, valued at $63,046,921.28. This represents a 1.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jon Kayyem acquired 5,000 shares of the company's stock in a transaction that occurred on Wednesday, September 23rd. The stock was purchased at an average cost of $100.00 per share, for a total transaction of $500,000.00. Following the purchase, the director owned 434,360 shares of the company's stock, valued at $43,436,000. This represents a 1.16% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have purchased 62,540 shares of company stock worth $6,347,507 and have sold 1,500 shares worth $168,590. Corporate insiders own 18.26% of the company's stock.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INBX. Sterling Capital Management LLC lifted its position in shares of Inhibrx Biosciences by 380.3% during the 3rd quarter. Sterling Capital Management LLC now owns 293 shares of the company's stock worth $29,000 after buying an additional 232 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Inhibrx Biosciences by 10,888.2% in the third quarter. Farther Finance Advisors LLC now owns 1,868 shares of the company's stock valued at $187,000 after buying an additional 1,851 shares in the last quarter. Opaleye Management Inc. acquired a new position in Inhibrx Biosciences during the 2nd quarter worth $1,923,000. Tidal Investments LLC acquired a new stake in Inhibrx Biosciences during the second quarter worth about $964,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in Inhibrx Biosciences in the 2nd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 82.46% of the company's stock.

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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