Wall Street Zen Upgrades Inhibrx Biosciences (NASDAQ:INBX) to "Hold"

Key Points

• Wall Street Zen upgraded Inhibrx Biosciences from “Sell” to “Hold,” bringing the consensus rating to “Hold” with an average price target of $150.
• INBX shares were trading at $88.66, up 3.3%, while the company reported a quarterly loss of $2.15 per share—worse than analysts’ expected loss of $1.68.
• Institutional ownership stands at 82.46%, with major investors including BlackRock, Morgan Stanley and Capital Research Global Investors recently increasing or initiating positions.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Sunday.

A number of other equities research analysts have also recently issued reports on INBX. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Lifesci Capital raised shares of Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $150.00.

Inhibrx Biosciences Trading Up 3.3%

Shares of INBX stock opened at $88.66 on Friday. Inhibrx Biosciences has a 12-month low of $20.55 and a 12-month high of $155.29. The company has a market capitalization of $1.30 billion, a PE ratio of -10.57 and a beta of 3.51. The firm has a 50 day moving average price of $90.82 and a two-hundred day moving average price of $87.81. The company has a quick ratio of 6.46, a current ratio of 6.46 and a debt-to-equity ratio of 12.58.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported ($2.15) earnings per share for the quarter, missing analysts' consensus estimates of ($1.68) by ($0.47). As a group, analysts predict that Inhibrx Biosciences will post -10.15 earnings per share for the current year.

Institutional Trading of Inhibrx Biosciences

A number of institutional investors have recently modified their holdings of INBX. BlackRock Inc. bought a new position in shares of Inhibrx Biosciences in the second quarter worth $78,261,000. Morgan Stanley lifted its position in Inhibrx Biosciences by 163.7% during the fourth quarter. Morgan Stanley now owns 1,167,728 shares of the company's stock worth $92,251,000 after purchasing an additional 724,872 shares during the period. Capital Research Global Investors bought a new stake in Inhibrx Biosciences during the fourth quarter worth about $33,304,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Inhibrx Biosciences during the fourth quarter worth about $20,856,000. Finally, Caligan Partners LP acquired a new stake in Inhibrx Biosciences during the third quarter worth about $7,961,000. 82.46% of the stock is currently owned by institutional investors.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source