Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Down on Disappointing Earnings

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $97.01, but opened at $91.80. Inhibrx Biosciences shares last traded at $92.6020, with a volume of 39,119 shares trading hands.

The company reported ($2.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06).

Wall Street Analyst Weigh In

INBX has been the subject of a number of research reports. Lifesci Capital raised Inhibrx Biosciences to a “strong-buy” rating in a research report on Friday, April 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Finally, Wall Street Zen raised Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $150.00.

Institutional Trading of Inhibrx Biosciences

Several large investors have recently added to or reduced their stakes in INBX. Mirae Asset Global Investments Co. Ltd. raised its position in Inhibrx Biosciences by 26.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock valued at $56,000 after purchasing an additional 147 shares during the period. Persistent Asset Partners Ltd purchased a new stake in shares of Inhibrx Biosciences in the fourth quarter worth about $27,000. Quantbot Technologies LP purchased a new stake in shares of Inhibrx Biosciences in the second quarter worth about $68,000. BNP Paribas Financial Markets grew its stake in shares of Inhibrx Biosciences by 71.9% in the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock valued at $64,000 after buying an additional 789 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Inhibrx Biosciences in the fourth quarter valued at about $66,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

Inhibrx Biosciences Trading Down 6.1%

The firm has a market cap of $1.34 billion, a price-to-earnings ratio of -10.86 and a beta of 3.51. The company has a quick ratio of 6.46, a current ratio of 6.46 and a debt-to-equity ratio of 12.58. The business has a 50 day moving average price of $90.85 and a 200-day moving average price of $88.48.

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.