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

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares gapped down prior to trading on Friday . The stock had previously closed at $93.54, but opened at $88.63. Inhibrx Biosciences shares last traded at $94.5320, with a volume of 76,488 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Zacks Research raised shares of Inhibrx Biosciences to a “hold” rating in a research report on Thursday, April 9th. Lifesci Capital raised shares of Inhibrx Biosciences to a “strong-buy” rating in a research report on Friday, April 24th. Stifel Nicolaus initiated coverage on shares of Inhibrx Biosciences in a research report on Wednesday, April 8th. They set a “buy” rating and a $150.00 price target on the stock. Finally, Wall Street Zen lowered shares of Inhibrx Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $150.00.

Inhibrx Biosciences Trading Up 0.3%

The firm has a market capitalization of $1.38 billion, a P/E ratio of -11.18 and a beta of 3.31. The business’s 50-day moving average is $99.85 and its 200 day moving average is $84.96. The company has a debt-to-equity ratio of 12.58, a current ratio of 6.46 and a quick ratio of 6.46.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings results on Thursday, May 14th. The company reported ($2.15) EPS for the quarter, missing analysts’ consensus estimates of ($1.68) by ($0.47). As a group, analysts anticipate that Inhibrx Biosciences, Inc. will post -10.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Inhibrx Biosciences

Several hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Inhibrx Biosciences by 26.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock valued at $56,000 after buying an additional 147 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Inhibrx Biosciences by 1.3% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 22,883 shares of the company’s stock valued at $1,808,000 after buying an additional 299 shares during the period. Persistent Asset Partners Ltd bought a new position in Inhibrx Biosciences in the 4th quarter valued at about $27,000. BNP Paribas Financial Markets increased 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 buying an additional 789 shares during the period. Finally, Daiwa Securities Group Inc. bought a new position in Inhibrx Biosciences in the 4th quarter valued at about $66,000. 82.46% of the stock is owned by 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.