Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 25.8% - Time to Sell?

Key Points

• Inhibrx Biosciences shares fell 25.8% to about $71 during mid-day trading, with volume more than doubling the average session level. The stock’s market capitalization stood at approximately $1.06 billion.
• Analyst sentiment was mixed, but the overall consensus remained “Moderate Buy” with a $197.50 price target. Ratings ranged from Strong Buy and Buy to Hold, Sell, and Strong Sell.
• The company missed quarterly earnings expectations, reporting a loss of $2.34 per share versus the estimated $2.28 loss. Meanwhile, insiders bought more than $6.3 million of stock over 90 days, and institutional investors owned 82.46% of shares.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report)'s share price was down 25.8% during mid-day trading on Wednesday. The company traded as low as $70.09 and last traded at $71.0020. Approximately 683,493 shares were traded during mid-day trading, an increase of 120% from the average session volume of 311,010 shares. The stock had previously closed at $95.66.

Analysts Set New Price Targets

Several brokerages have recently commented on INBX. HC Wainwright assumed coverage on shares of Inhibrx Biosciences in a report on Monday, August 24th. They issued a "buy" rating and a $245.00 price objective on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Friday, September 11th. Citigroup restated a "market perform" rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. Finally, Wall Street Zen lowered 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. According to MarketBeat, Inhibrx Biosciences has an average rating of "Moderate Buy" and a consensus price target of $197.50.

Inhibrx Biosciences Stock Performance

The company has a market cap of $1.06 billion, a PE ratio of -7.96 and a beta of 3.81. The company's 50-day simple moving average is $103.87 and its 200 day simple moving average is $91.63.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last posted 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). Analysts forecast that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current year.

Insider Buying and Selling

In related news, CEO Mark Lappe purchased 25,000 shares of the business's stock in a transaction on Tuesday, September 8th. The shares were bought at an average price of $105.82 per share, for a total transaction of $2,645,500.00. Following the acquisition, the chief executive officer directly owned 730,548 shares in the company, valued at $77,306,589.36. This trade represents a 3.54% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jon Kayyem purchased 5,000 shares of Inhibrx Biosciences stock in a transaction on Tuesday, September 8th. The stock was bought at an average cost of $113.52 per share, for a total transaction of $567,600.00. Following the transaction, the director directly owned 424,360 shares in the company, valued at $48,173,347.20. This represents a 1.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over 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. 18.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of large investors have recently modified their holdings of INBX. Bank of America Corp DE purchased a new stake in shares of Inhibrx Biosciences during the 2nd quarter worth $79,698,000. BlackRock Inc. acquired a new stake in Inhibrx Biosciences in the second quarter valued at $78,261,000. Parkman Healthcare Partners LLC purchased a new stake in Inhibrx Biosciences during the 2nd quarter worth about $24,346,000. Jefferies Financial Group Inc. purchased a new stake in Inhibrx Biosciences during the 2nd quarter worth about $6,956,000. Finally, SummitTX Capital L.P. lifted its holdings in Inhibrx Biosciences by 66.3% during the 1st quarter. SummitTX Capital L.P. now owns 137,821 shares of the company's stock worth $9,266,000 after buying an additional 54,936 shares during the last quarter. 82.46% of the stock is owned by hedge funds and other institutional investors.

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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