Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Down – Here’s Why

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s share price gapped down prior to trading on Friday . The stock had previously closed at $93.54, but opened at $88.63. Inhibrx Biosciences shares last traded at $94.5320, with a volume of 76,488 shares changing hands.

Analysts Set New Price Targets

INBX has been the subject of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Inhibrx Biosciences in a report on Wednesday, April 8th. They issued a “buy” rating and a $150.00 price target for the company. Zacks Research upgraded shares of Inhibrx Biosciences to a “hold” rating in a report on Thursday, April 9th. Lifesci Capital upgraded shares of Inhibrx Biosciences to a “strong-buy” rating in a report on Friday, April 24th. Finally, Wall Street Zen cut shares of Inhibrx Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Inhibrx Biosciences presently has an average rating of “Hold” and a consensus price target of $150.00.

Inhibrx Biosciences Price Performance

The company’s fifty day moving average is $99.85 and its 200 day moving average is $84.96. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -11.18 and a beta of 3.31. The company has a quick ratio of 6.46, a current ratio of 6.46 and a debt-to-equity ratio of 12.58.

Inhibrx Biosciences (NASDAQ:INBX) last announced its earnings results on Thursday, May 14th. The company reported ($2.15) EPS for the quarter, missing the consensus estimate of ($1.68) by ($0.47). On average, equities research analysts predict that Inhibrx Biosciences, Inc. will post -10.15 EPS for the current year.

Institutional Trading of Inhibrx Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boothbay Fund Management LLC raised its position in Inhibrx Biosciences by 179.2% during the third quarter. Boothbay Fund Management LLC now owns 78,812 shares of the company’s stock worth $2,654,000 after acquiring an additional 50,582 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Inhibrx Biosciences in the fourth quarter valued at about $1,271,000. Readystate Asset Management LP raised its position in shares of Inhibrx Biosciences by 534.1% in the third quarter. Readystate Asset Management LP now owns 170,158 shares of the company’s stock valued at $5,731,000 after purchasing an additional 143,324 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Inhibrx Biosciences in the third quarter valued at about $249,000. Finally, PSP Research LLC bought a new position in shares of Inhibrx Biosciences in the fourth quarter valued at about $505,000. 82.46% of the stock is owned by institutional investors.

Inhibrx Biosciences Company Profile

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.