Inhibrx Biosciences (NASDAQ:INBX) Trading Up 5.2% – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price shot up 5.2% on Thursday . The stock traded as high as $77.00 and last traded at $77.1110. 76,598 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 170,487 shares. The stock had previously closed at $73.32.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on INBX shares. JMP Securities reissued a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, August 22nd. Wall Street Zen raised shares of Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Inhibrx Biosciences currently has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Performance

The company has a debt-to-equity ratio of 1.45, a current ratio of 4.98 and a quick ratio of 4.98. The company’s fifty day moving average price is $43.94 and its 200 day moving average price is $27.12. The company has a market cap of $1.12 billion, a PE ratio of -7.39 and a beta of 1.09.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings data on Wednesday, August 13th. The company reported ($1.85) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.92) by $1.07. The firm had revenue of $1.30 million during the quarter. On average, equities research analysts predict that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current year.

Insiders Place Their Bets

In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the company’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $32.25, for a total value of $11,287,500.00. Following the completion of the transaction, the insider owned 67,018 shares in the company, valued at $2,161,330.50. This represents a 83.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 17.09% of the company’s stock.

Institutional Trading of Inhibrx Biosciences

Large investors have recently added to or reduced their stakes in the stock. Woodline Partners LP purchased a new position in Inhibrx Biosciences in the first quarter valued at about $5,015,000. Readystate Asset Management LP raised its holdings in shares of Inhibrx Biosciences by 534.1% in the 3rd quarter. Readystate Asset Management LP now owns 170,158 shares of the company’s stock worth $5,731,000 after purchasing an additional 143,324 shares during the period. HighTower Advisors LLC lifted its stake in Inhibrx Biosciences by 11.5% in the first 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. Groupe la Francaise bought a new position in Inhibrx Biosciences during the first quarter valued at $1,062,000. Finally, Acadian Asset Management LLC increased its position in Inhibrx Biosciences by 34.2% in the first quarter. Acadian Asset Management LLC now owns 192,498 shares of the company’s stock worth $2,689,000 after buying an additional 49,023 shares during the last quarter. Hedge funds and other institutional investors own 82.46% of the company’s stock.

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.