Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 5.6% – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price dropped 5.6% during trading on Friday . The stock traded as low as $106.20 and last traded at $104.3830. Approximately 398,603 shares were traded during trading, an increase of 24% from the average daily volume of 322,628 shares. The stock had previously closed at $110.57.

Analyst Ratings Changes

INBX has been the topic of several analyst reports. Stifel Nicolaus initiated coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They set a “buy” rating and a $150.00 target price on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Zacks Research upgraded Inhibrx Biosciences to a “hold” rating in a report on Thursday, April 9th. Lifesci Capital upgraded Inhibrx Biosciences to a “strong-buy” rating in a report on Friday, April 24th. Finally, Wall Street Zen upgraded Inhibrx Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Inhibrx Biosciences has a consensus rating of “Hold” and an average target price of $150.00.

Inhibrx Biosciences Stock Down 9.1%

The company has a debt-to-equity ratio of 12.58, a quick ratio of 6.46 and a current ratio of 6.46. The firm has a fifty day simple moving average of $90.70 and a 200-day simple moving average of $83.15. The company has a market capitalization of $1.47 billion, a PE ratio of -11.98 and a beta of 3.88.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($2.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.68) by ($0.47). Equities research analysts anticipate that Inhibrx Biosciences, Inc. will post -10.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Inhibrx Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Boothbay Fund Management LLC increased its holdings in Inhibrx Biosciences by 179.2% during the 3rd quarter. Boothbay Fund Management LLC now owns 78,812 shares of the company’s stock worth $2,654,000 after purchasing an additional 50,582 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Inhibrx Biosciences in the 4th quarter worth approximately $1,271,000. Readystate Asset Management LP grew its position 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 acquiring an additional 143,324 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Inhibrx Biosciences in the 3rd quarter worth approximately $249,000. Finally, HighVista Strategies LLC acquired a new position in shares of Inhibrx Biosciences in the 3rd quarter worth approximately $257,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

Inhibrx Biosciences Company Profile

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.