Inhibrx Biosciences, Inc. (NASDAQ:INBX) Receives Average Recommendation of “Moderate Buy” from Analysts

Inhibrx Biosciences, Inc. (NASDAQ:INBX) has been given a consensus rating of “Moderate Buy” by the six analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $197.50.

A number of research firms have commented on INBX. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Wall Street Zen lowered Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Thursday, August 27th. Finally, HC Wainwright initiated coverage on Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 target price on the stock.

Insider Activity at Inhibrx Biosciences

In other news, Director Kimberly Manhard sold 500 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $115.14, for a total value of $57,570.00. Following the transaction, the director owned 9,500 shares of the company’s stock, valued at approximately $1,093,830. The trade was a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jon Kayyem bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were bought at an average price of $113.52 per share, with a total value of $567,600.00. Following the transaction, the director owned 424,360 shares of the company’s stock, valued at $48,173,347.20. The trade was a 1.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 32,500 shares of company stock valued at $3,499,725. Corporate insiders own 18.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in INBX. Western Standard LLC purchased a new position in shares of Inhibrx Biosciences in the 2nd quarter worth $4,453,000. Parkman Healthcare Partners LLC purchased a new stake in shares of Inhibrx Biosciences during the 2nd quarter valued at about $24,346,000. Nicholas Investment Partners LP bought a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at about $2,032,000. BlackRock Inc. bought a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at about $78,261,000. Finally, SummitTX Capital L.P. grew its position in Inhibrx Biosciences by 66.3% in the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company’s stock worth $9,266,000 after acquiring an additional 54,936 shares in the last quarter. Institutional investors own 82.46% of the company’s stock.

Inhibrx Biosciences Trading Down 1.9%

Shares of NASDAQ:INBX opened at $109.27 on Tuesday. The stock has a 50 day moving average of $99.03 and a 200 day moving average of $93.31. The company has a market cap of $1.61 billion, a PE ratio of -12.31 and a beta of 3.66. Inhibrx Biosciences has a 12-month low of $26.19 and a 12-month high of $155.29. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 12.58.

Inhibrx Biosciences (NASDAQ:INBX) last released its earnings results on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06). As a group, equities research analysts expect that Inhibrx Biosciences will post -9.91 EPS for the current year.

Inhibrx Biosciences Company Profile

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.