Inhibrx Biosciences (NASDAQ:INBX) Trading 8.6% Higher - Should You Buy?

Key Points

• Inhibrx Biosciences shares rose 8.6% to about $114, despite trading volume falling 57% below its average.
• Analyst sentiment is mixed: ratings range from “strong sell” to “buy,” but the consensus is “Moderate Buy” with an average price target of $197.50.
• The company remains unprofitable, reporting a quarterly loss of $2.34 per share versus the expected $2.28 loss; institutional investors own a substantial 82.46% stake.

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) were up 8.6% on Tuesday . The company traded as high as $114.00 and last traded at $114.0170. Approximately 135,732 shares changed hands during trading, a decline of 57% from the average daily volume of 312,245 shares. The stock had previously closed at $104.94.

Analysts Set New Price Targets

INBX has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a report on Monday. They issued a "buy" rating and a $245.00 price objective on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Inhibrx Biosciences has an average rating of "Moderate Buy" and an average price target of $197.50.

Inhibrx Biosciences Price Performance

The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07. The company's 50 day simple moving average is $91.85 and its 200 day simple moving average is $89.52. The company has a market capitalization of $1.77 billion, a PE ratio of -13.56 and a beta of 3.51.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing the consensus estimate of ($2.28) by ($0.06). As a group, sell-side analysts predict that Inhibrx Biosciences, Inc. will post -10.88 earnings per share for the current year.

Institutional Trading of Inhibrx Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. Perceptive Advisors LLC boosted its position in shares of Inhibrx Biosciences by 9.4% in the 4th quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company's stock valued at $114,764,000 after purchasing an additional 125,000 shares during the period. Morgan Stanley lifted its stake in Inhibrx Biosciences by 163.7% in the fourth quarter. Morgan Stanley now owns 1,167,728 shares of the company's stock valued at $92,251,000 after buying an additional 724,872 shares during the last quarter. Bank of America Corp DE purchased a new stake in Inhibrx Biosciences in the second quarter valued at approximately $79,698,000. BlackRock Inc. acquired a new stake in shares of Inhibrx Biosciences in the second quarter valued at approximately $78,261,000. Finally, California State Teachers Retirement System grew its position in shares of Inhibrx Biosciences by 149,396.5% during the second quarter. California State Teachers Retirement System now owns 734,028 shares of the company's stock worth $69,549,000 after acquiring an additional 733,537 shares during the last quarter. Institutional investors and hedge funds own 82.46% of the company's stock.

About Inhibrx Biosciences

Inhibrx, Inc, headquartered in La Jolla, California, is a clinical-stage biotechnology company focused on the discovery and development of next-generation protein therapeutics. The company's proprietary protein engineering platform enables the design and production of multispecific and multivalent biologics with tailored binding characteristics and favorable pharmacokinetic properties. By leveraging high-throughput screening and structure-based design, Inhibrx aims to create molecules that address challenging targets in oncology, regenerative medicine and other areas of unmet medical need.

The company's lead candidate, INBRX-109, is a tetravalent agonist of the receptor tyrosine kinase ROR2 designed to stimulate tissue repair and regeneration.

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.

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