Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 5.6% – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price was down 5.6% during mid-day trading on Friday . The company traded as low as $106.20 and last traded at $104.3830. Approximately 398,603 shares changed hands during mid-day trading, an increase of 24% from the average daily volume of 322,628 shares. The stock had previously closed at $110.57.

Analysts Set New Price Targets

A number of analysts have issued reports on INBX shares. Stifel Nicolaus started coverage on Inhibrx Biosciences in a research note on Wednesday, April 8th. They issued a “buy” rating and a $150.00 price target on the stock. Lifesci Capital raised Inhibrx Biosciences to a “strong-buy” rating in a research note on Friday, April 24th. Weiss Ratings reissued a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Thursday, January 22nd. Zacks Research raised Inhibrx Biosciences to a “hold” rating in a research note on Thursday, April 9th. Finally, Wall Street Zen raised Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $150.00.

Inhibrx Biosciences Stock Down 9.1%

The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -11.98 and a beta of 3.88. The company has a current ratio of 6.46, a quick ratio of 6.46 and a debt-to-equity ratio of 12.58. The firm has a 50 day moving average price of $90.70 and a two-hundred day moving average price of $83.15.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings data on Thursday, May 14th. The company reported ($2.15) earnings per share for the quarter, missing the consensus estimate of ($1.68) by ($0.47). On average, equities analysts expect that Inhibrx Biosciences, Inc. will post -10.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Inhibrx Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of INBX. Persistent Asset Partners Ltd purchased a new stake in shares of Inhibrx Biosciences during the 4th quarter valued at about $27,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Inhibrx Biosciences by 26.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock valued at $56,000 after buying an additional 147 shares during the period. Daiwa Securities Group Inc. purchased a new stake in shares of Inhibrx Biosciences during the 4th quarter valued at about $66,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Inhibrx Biosciences during the 3rd quarter valued at about $40,000. Finally, Diadema Partners LP purchased a new stake in shares of Inhibrx Biosciences during the 4th quarter valued at about $103,000. 82.46% of the stock is owned by institutional investors and hedge funds.

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.