Inhibrx Biosciences (NASDAQ:INBX) Trading Down 8.8% - Here's What Happened

Key Points

• Inhibrx Biosciences shares fell 8.8% to about $100.91, with trading volume 55% below the average daily level.
• Analyst views remain mixed: the stock has a consensus “Moderate Buy” rating and a $197.50 price target, despite recent sell downgrades and a “market perform” rating.
• The company reported a quarterly loss of $2.34 per share, missing expectations by $0.06; meanwhile, insiders have been net buyers over the past 90 days, purchasing 37,500 shares versus 1,500 sold.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) was down 8.8% on Wednesday . The stock traded as low as $101.29 and last traded at $100.91. 144,016 shares traded hands during trading, a decline of 55% from the average daily volume of 319,525 shares. The stock had previously closed at $110.67.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on INBX shares. Wall Street Zen downgraded Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a report on Monday, August 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Friday, September 11th. HC Wainwright began coverage on Inhibrx Biosciences in a research note on Monday, August 24th. They issued a "buy" rating and a $245.00 target price on the stock. Finally, Citigroup reaffirmed a "market perform" rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. One 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 issued a Sell rating to the company's stock. According to data from MarketBeat, Inhibrx Biosciences has an average rating of "Moderate Buy" and a consensus price target of $197.50.

Inhibrx Biosciences Price Performance

The stock has a 50 day moving average of $100.58 and a two-hundred day moving average of $94.95. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07. The firm has a market capitalization of $1.48 billion, a P/E ratio of -11.37 and a beta of 3.66.

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). Sell-side analysts predict that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kimberly Manhard sold 500 shares of Inhibrx Biosciences stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $110.26, for a total value of $55,130.00. Following the transaction, the director directly owned 8,000 shares in the company, valued at approximately $882,080. The trade was a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jon Kayyem acquired 5,000 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The shares were acquired at an average cost of $100.00 per share, with a total value of $500,000.00. Following the transaction, the director directly owned 429,360 shares in the company, valued at $42,936,000. The trade was a 1.18% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 37,500 shares of company stock worth $3,999,725 and sold 1,500 shares worth $168,590. Insiders own 18.26% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new position in Inhibrx Biosciences in the second quarter worth $31,000. Quantbot Technologies LP bought a new stake in Inhibrx Biosciences in the 2nd quarter valued at $68,000. State of Wyoming acquired a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at $116,000. Hurley Capital LLC acquired a new position in shares of Inhibrx Biosciences in the 4th quarter valued at $131,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Inhibrx Biosciences during the 2nd quarter worth about $194,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

Inhibrx Biosciences Company Profile

Inhibrx Biosciences, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing biologic medicines for serious diseases with limited treatment options. The company uses a proprietary protein-engineering platform to design novel therapeutic proteins, including multivalent and long-acting biologics intended to selectively affect disease-related biological pathways.

Inhibrx's development programs have included INBRX-101, also known as efzofitimod, an engineered fibroblast growth factor 1 intended for the treatment of alpha-1 antitrypsin deficiency-associated emphysema and other inflammatory lung conditions.

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