Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Up – Here’s Why

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) gapped up prior to trading on Monday . The stock had previously closed at $134.35, but opened at $150.00. Inhibrx Biosciences shares last traded at $136.2960, with a volume of 476,211 shares traded.

Analyst Ratings Changes

Several research firms recently weighed in on INBX. Stifel Nicolaus initiated coverage on shares of Inhibrx Biosciences in a research report on Wednesday, April 8th. They issued a “buy” rating and a $150.00 price objective on the stock. Wall Street Zen raised shares of Inhibrx Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Lifesci Capital raised shares of Inhibrx Biosciences to a “strong-buy” rating in a report on Friday, April 24th. Zacks Research raised shares of Inhibrx Biosciences to a “hold” rating in a report on Thursday, April 9th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $150.00.

Inhibrx Biosciences Price Performance

The company has a current ratio of 3.93, a quick ratio of 3.93 and a debt-to-equity ratio of 12.58. The company has a market capitalization of $1.59 billion, a P/E ratio of -12.02 and a beta of 3.88. The business’s fifty day moving average price is $85.32 and its 200-day moving average price is $80.84.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly earnings results on Thursday, March 19th. The company reported ($2.11) earnings per share for the quarter, missing the consensus estimate of ($2.08) by ($0.03). As a group, sell-side analysts predict that Inhibrx Biosciences, Inc. will post -11.15 earnings per share for the current fiscal year.

Institutional Trading of Inhibrx Biosciences

Several hedge funds have recently added to or reduced their stakes in INBX. Swiss National Bank purchased a new position in shares of Inhibrx Biosciences in the first quarter valued at about $968,000. Moran Wealth Management LLC purchased a new position in shares of Inhibrx Biosciences in the first quarter valued at about $213,000. Janney Montgomery Scott LLC increased its position in shares of Inhibrx Biosciences by 16.6% in the first quarter. Janney Montgomery Scott LLC now owns 6,406 shares of the company’s stock valued at $431,000 after acquiring an additional 911 shares during the period. Corient Private Wealth LLC purchased a new position in shares of Inhibrx Biosciences in the fourth quarter valued at about $1,615,000. Finally, Invesco Ltd. increased its position in shares of Inhibrx Biosciences by 539.6% in the fourth quarter. Invesco Ltd. now owns 112,396 shares of the company’s stock valued at $8,879,000 after acquiring an additional 94,822 shares during the period. 82.46% of the stock is 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.