Inhibrx Biosciences, Inc. (NASDAQ:INBX) Stock Has Consensus Price Target of $197.50

Inhibrx Biosciences, Inc. (NASDAQ:INBX) has received an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $197.50.

A number of equities research analysts have issued reports on INBX shares. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. Wall Street Zen downgraded Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Friday, September 11th. Finally, HC Wainwright began coverage on Inhibrx Biosciences in a research report on Monday, August 24th. They set a “buy” rating and a $245.00 target price for the company.

Inhibrx Biosciences Stock Down 0.1%

INBX stock opened at $93.36 on Friday. The business’s 50-day moving average price is $103.58 and its 200-day moving average price is $97.18. The stock has a market cap of $1.37 billion, a P/E ratio of -10.51 and a beta of 3.81. Inhibrx Biosciences has a twelve month low of $28.16 and a twelve month high of $155.29.

Inhibrx Biosciences (NASDAQ:INBX) last released its earnings results on Thursday, August 13th. The company reported ($2.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.28) by ($0.06). On average, equities research analysts expect that Inhibrx Biosciences will post -9.91 earnings per share for the current fiscal year.

Insider Activity at Inhibrx Biosciences

In related news, CEO Mark Lappe bought 4,500 shares of the company’s stock in a transaction that occurred on Monday, September 28th. The stock was purchased at an average price of $100.76 per share, for a total transaction of $453,420.00. Following the completion of the transaction, the chief executive officer owned 740,548 shares in the company, valued at $74,617,616.48. The trade was a 0.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jon Kayyem bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were bought at an average cost of $100.00 per share, with a total value of $500,000.00. Following the completion of the purchase, the director directly owned 434,360 shares of the company’s stock, valued at $43,436,000. This represents a 1.16% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders acquired 52,500 shares of company stock valued at $5,498,525 and sold 1,500 shares valued at $168,590. 18.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new position in Inhibrx Biosciences during the second quarter valued at approximately $31,000. Quantbot Technologies LP purchased a new position in Inhibrx Biosciences during the 2nd quarter valued at approximately $68,000. State of Wyoming bought a new stake in Inhibrx Biosciences in the 2nd quarter worth approximately $116,000. Hurley Capital LLC bought a new stake in Inhibrx Biosciences in the 4th quarter worth approximately $131,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Inhibrx Biosciences during the 2nd quarter worth approximately $194,000. Hedge funds and other institutional investors own 82.46% of the company’s stock.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a biotechnology company focused on discovering and developing engineered biologic medicines for serious diseases with limited treatment options. The company’s platform has been used to create multifunctional proteins and antibody-based therapies designed to address targets that may be difficult to treat with conventional drugs.

Its leading program was INBRX-101, an engineered recombinant human alpha-1 antitrypsin therapy developed for patients with alpha-1 antitrypsin deficiency-associated lung disease.