Inhibrx Biosciences (NASDAQ:INBX) Shares Up 8.6% – Here’s Why

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s share price rose 8.6% during mid-day trading on Tuesday . The stock traded as high as $114.00 and last traded at $114.0170. 135,732 shares were traded during trading, a decline of 57% from the average session volume of 312,245 shares. The stock had previously closed at $104.94.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on INBX shares. Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. HC Wainwright started coverage on Inhibrx Biosciences in a research report on Monday. They issued a “buy” rating and a $245.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $197.50.

Inhibrx Biosciences Price Performance

The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07. The company has a 50-day simple moving average of $91.85 and a 200-day simple moving average of $89.52. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -13.56 and a beta of 3.51.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing the consensus estimate of ($2.28) by ($0.06). As a group, research analysts predict that Inhibrx Biosciences, Inc. will post -10.88 earnings per share for the current year.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Perceptive Advisors LLC boosted its position in shares of Inhibrx Biosciences by 9.4% during the 4th quarter. Perceptive Advisors LLC now owns 1,452,707 shares of the company’s stock worth $114,764,000 after purchasing an additional 125,000 shares in the last quarter. Morgan Stanley grew its stake in shares of Inhibrx Biosciences by 163.7% during the 4th quarter. Morgan Stanley now owns 1,167,728 shares of the company’s stock worth $92,251,000 after purchasing an additional 724,872 shares during the period. Bank of America Corp DE purchased a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at about $79,698,000. BlackRock Inc. purchased a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at about $78,261,000. Finally, California State Teachers Retirement System lifted its stake in shares of Inhibrx Biosciences by 149,396.5% in the second quarter. California State Teachers Retirement System now owns 734,028 shares of the company’s stock valued at $69,549,000 after purchasing an additional 733,537 shares during the period. Institutional investors and hedge funds 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.