Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 6.8% – Should You Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) was up 6.8% during trading on Thursday . The stock traded as high as $82.76 and last traded at $88.6190. Approximately 14,326 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 176,153 shares. The stock had previously closed at $82.96.

Analyst Ratings Changes

Several equities research analysts have issued reports on INBX shares. JMP Securities reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, August 22nd. Wall Street Zen upgraded Inhibrx Biosciences from a “sell” rating to a “hold” rating in a report on Sunday, August 17th. Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Wednesday, October 8th. Finally, Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research note on Wednesday, November 19th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce”.

Inhibrx Biosciences Price Performance

The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 2.71. The business has a 50-day moving average price of $62.14 and a two-hundred day moving average price of $35.28. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -8.93 and a beta of 1.18.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($2.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.94) by $0.66. As a group, research analysts forecast that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current year.

Insider Activity at Inhibrx Biosciences

In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the firm’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $32.25, for a total transaction of $11,287,500.00. Following the completion of the sale, the insider directly owned 67,018 shares in the company, valued at approximately $2,161,330.50. This trade represents a 83.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 17.09% of the company’s stock.

Institutional Trading of Inhibrx Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Woodline Partners LP acquired a new position in shares of Inhibrx Biosciences in the first quarter valued at approximately $5,015,000. Caligan Partners LP acquired a new stake in Inhibrx Biosciences during the third quarter worth about $7,961,000. Readystate Asset Management LP increased its stake in 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 acquiring an additional 143,324 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Inhibrx Biosciences by 11.5% in the 1st quarter. HighTower Advisors LLC now owns 871,754 shares of the company’s stock valued at $12,196,000 after purchasing an additional 90,002 shares during the last quarter. Finally, Groupe la Francaise bought a new stake in shares of Inhibrx Biosciences during the 1st quarter valued at approximately $1,062,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

Inhibrx Biosciences Company Profile

Inhibrx, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of novel biologic therapeutic candidates. The company's therapeutic candidate includes INBRX-101, an alpha-1 antitrypsin (AAT)-Fc fusion protein therapeutic candidate, which is in Phase 1 clinical trials for use in the treatment of patients with AAT deficiency.