Inhibrx Biosciences (NASDAQ:INBX) Shares Down 7.9% – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares fell 7.9% during trading on Tuesday . The company traded as low as $81.62 and last traded at $80.6050. 63,262 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 181,828 shares. The stock had previously closed at $87.52.

Analyst Ratings Changes

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

Inhibrx Biosciences Trading Down 10.5%

The company’s 50-day simple moving average is $73.22 and its 200 day simple moving average is $41.12. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 2.71. The firm has a market capitalization of $1.14 billion, a PE ratio of -7.82 and a beta of 1.18.

Inhibrx Biosciences (NASDAQ:INBX) last released its earnings results on Thursday, November 13th. The company reported ($2.28) EPS for the quarter, topping analysts’ consensus estimates of ($2.94) by $0.66. As a group, sell-side analysts expect that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current year.

Insider Buying and Selling at Inhibrx Biosciences

In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,161,330.50. The trade was a 83.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Institutional Investors Weigh In On Inhibrx Biosciences

Several institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its holdings in Inhibrx Biosciences by 71.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock valued at $64,000 after purchasing an additional 789 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Inhibrx Biosciences in the 3rd quarter worth approximately $40,000. Bank of America Corp DE boosted its position in shares of Inhibrx Biosciences by 19.2% during the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock worth $130,000 after purchasing an additional 1,469 shares during the period. Strs Ohio purchased a new stake in Inhibrx Biosciences in the first quarter valued at approximately $27,000. Finally, Russell Investments Group Ltd. raised its position in Inhibrx Biosciences by 11.0% in the second quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock valued at $428,000 after purchasing an additional 2,963 shares during the period. 82.46% of the stock is currently owned by institutional investors and hedge funds.

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.