Inhibrx Biosciences (NASDAQ:INBX) Reaches New 1-Year High – Here’s Why

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $94.57 and last traded at $91.65, with a volume of 68675 shares changing hands. The stock had previously closed at $86.13.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on INBX. Citigroup restated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Up 1.9%

The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -8.76 and a beta of 1.18. The company has a debt-to-equity ratio of 2.71, a current ratio of 4.49 and a quick ratio of 4.49. The business has a fifty day moving average of $72.16 and a 200 day moving average of $40.60.

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

Insider Transactions at Inhibrx Biosciences

In related news, major shareholder Global Investors Lp Viking sold 350,000 shares of Inhibrx Biosciences 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 directly owned 67,018 shares in the company, valued at approximately $2,161,330.50. This trade represents a 83.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 17.09% of the company’s stock.

Institutional Trading of Inhibrx Biosciences

Several institutional investors have recently modified their holdings of INBX. Strs Ohio purchased a new position in shares of Inhibrx Biosciences in the 1st quarter valued at $27,000. Public Employees Retirement System of Ohio purchased a new position in shares of Inhibrx Biosciences during the third quarter worth about $40,000. BNP Paribas Financial Markets increased its position in shares of Inhibrx Biosciences by 71.9% during the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after purchasing an additional 789 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Inhibrx Biosciences by 19.2% in the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock valued at $130,000 after purchasing an additional 1,469 shares during the last quarter. Finally, Bluefin Capital Management LLC purchased a new stake in shares of Inhibrx Biosciences in the 1st quarter valued at about $160,000. Hedge funds and other institutional investors own 82.46% of the company’s stock.

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.