Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 10.2% – Still a Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price shot up 10.2% during trading on Monday . The company traded as high as $84.05 and last traded at $84.05. 54,873 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 201,831 shares. The stock had previously closed at $76.27.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on INBX. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research note on Wednesday, November 19th. Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce”.

Inhibrx Biosciences Stock Up 8.9%

The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 2.71. The business has a 50-day moving average price of $79.25 and a 200-day moving average price of $53.18. The firm has a market cap of $1.21 billion, a P/E ratio of -8.25 and a beta of 1.36.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings results on Thursday, November 13th. The company reported ($2.28) EPS for the quarter, topping the consensus estimate of ($2.94) by $0.66. On average, equities analysts forecast that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Inhibrx Biosciences

A number of large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised its stake in Inhibrx Biosciences by 26.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock worth $56,000 after purchasing an additional 147 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Inhibrx Biosciences in the 3rd quarter valued at approximately $40,000. BNP Paribas Financial Markets increased its holdings in shares of Inhibrx Biosciences by 71.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock valued at $64,000 after acquiring an additional 789 shares during the last quarter. Strs Ohio acquired a new position in Inhibrx Biosciences in the first quarter valued at approximately $27,000. Finally, Presidio Capital Management LLC acquired a new stake in Inhibrx Biosciences during the fourth quarter worth approximately $268,000. 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.