Inhibrx Biosciences (NASDAQ:INBX) Stock Jumps 3.7% – Should You Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s share price rose 3.7% during trading on Monday. The company traded as high as $101.44 and last traded at $103.2880. Approximately 25,880 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 318,085 shares. The stock had previously closed at $99.61.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Wall Street Zen lowered Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. Weiss Ratings reiterated 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 report on Monday, August 24th. They set a “buy” rating and a $245.00 price objective for the company. Finally, Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $197.50.

Inhibrx Biosciences Price Performance

The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 12.58. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -11.66 and a beta of 3.66. The company’s 50-day moving average is $101.24 and its 200-day moving average is $95.58.

Inhibrx Biosciences (NASDAQ:INBX) last released its 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). Equities research analysts expect that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current fiscal year.

Insider Transactions at Inhibrx Biosciences

In other news, Director Douglas Forsyth bought 2,500 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was acquired at an average cost of $114.65 per share, with a total value of $286,625.00. Following the completion of the acquisition, the director owned 227,064 shares of the company’s stock, valued at approximately $26,032,887.60. This represents a 1.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Lappe purchased 25,000 shares of the company’s stock in a transaction dated Tuesday, September 8th. The stock was purchased at an average price of $105.82 per share, for a total transaction of $2,645,500.00. Following the completion of the purchase, the chief executive officer owned 730,548 shares in the company, valued at approximately $77,306,589.36. The trade was a 3.54% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 42,500 shares of company stock worth $4,499,725 and sold 1,500 shares worth $168,590. 18.26% of the stock is owned by insiders.

Institutional Trading of Inhibrx Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Perceptive Advisors LLC grew its position in Inhibrx Biosciences by 9.4% in the 4th quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company’s stock valued at $114,764,000 after buying an additional 125,000 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Inhibrx Biosciences in the 2nd quarter worth $79,698,000. BlackRock Inc. purchased a new position in Inhibrx Biosciences in the second quarter valued at about $78,261,000. Sofinnova Investments Inc. grew its position in Inhibrx Biosciences by 3.3% during the 4th quarter. Sofinnova Investments Inc. now owns 454,657 shares of the company’s stock worth $35,918,000 after acquiring an additional 14,565 shares during the last quarter. Finally, Capital Research Global Investors acquired a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at approximately $33,304,000. Institutional investors and hedge funds own 82.46% of the company’s stock.

About Inhibrx Biosciences

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.