Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 6.6% – Should You Sell?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price dropped 6.6% during mid-day trading on Monday . The company traded as low as $94.20 and last traded at $96.76. Approximately 131,169 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 311,598 shares. The stock had previously closed at $103.63.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wall Street Zen lowered Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. HC Wainwright assumed coverage on Inhibrx Biosciences in a report on Monday. They issued a “buy” rating and a $245.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. One 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $197.50.

Inhibrx Biosciences Stock Down 4.2%

The stock’s 50 day moving average is $91.63 and its 200 day moving average is $89.38. The company has a market capitalization of $1.46 billion, a PE ratio of -11.17 and a beta of 3.51. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06). On average, sell-side analysts anticipate that Inhibrx Biosciences, Inc. will post -10.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Inhibrx Biosciences

A number of institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its stake in Inhibrx Biosciences by 149,396.5% in the second quarter. California State Teachers Retirement System now owns 734,028 shares of the company’s stock valued at $69,549,000 after acquiring an additional 733,537 shares during the last quarter. NINE MASTS CAPITAL Ltd bought a new stake in Inhibrx Biosciences in the second quarter valued at approximately $284,000. Harvest Management LLC purchased a new stake in Inhibrx Biosciences during the 2nd quarter valued at $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Inhibrx Biosciences by 29,850.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,067 shares of the company’s stock worth $1,901,000 after purchasing an additional 20,000 shares during the period. Finally, Ratan Capital Management LP purchased a new position in shares of Inhibrx Biosciences during the second quarter valued at approximately $1,574,000. 82.46% of the stock is currently owned by institutional investors.

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.