Inhibrx Biosciences (NASDAQ:INBX) CEO Purchases $848,982.40 in Stock

Inhibrx Biosciences, Inc. (NASDAQ:INBX) CEO Mark Lappe purchased 10,040 shares of the firm’s stock in a transaction that occurred on Wednesday, October 14th. The stock was acquired at an average price of $84.56 per share, for a total transaction of $848,982.40. Following the completion of the purchase, the chief executive officer owned 745,588 shares of the company’s stock, valued at approximately $63,046,921.28. This represents a 1.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mark Lappe also recently made the following trade(s):

• On Monday, September 28th, Mark Lappe acquired 4,500 shares of Inhibrx Biosciences stock. The shares were acquired at an average cost of $100.76 per share, for a total transaction of $453,420.00.
• On Friday, September 25th, Mark Lappe acquired 5,500 shares of Inhibrx Biosciences stock. The stock was acquired at an average price of $99.16 per share, with a total value of $545,380.00.
• On Tuesday, September 8th, Mark Lappe bought 25,000 shares of Inhibrx Biosciences stock. The stock was acquired at an average cost of $105.82 per share, with a total value of $2,645,500.00.

Inhibrx Biosciences Price Performance

Shares of NASDAQ INBX traded down $1.82 during trading on Wednesday, hitting $85.26. 246,098 shares of the company were exchanged, compared to its average volume of 252,257. Inhibrx Biosciences, Inc. has a 1 year low of $28.16 and a 1 year high of $155.29. The firm’s fifty day moving average price is $104.24 and its 200 day moving average price is $98.09.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($2.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06). Analysts forecast that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on INBX. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Friday, September 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. Wall Street Zen cut Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Finally, HC Wainwright began coverage on Inhibrx Biosciences in a research note on Monday, August 24th. They issued a “buy” rating and a $245.00 price objective for the company. One equities research 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. Based on data from MarketBeat.com, Inhibrx Biosciences has an average rating of “Moderate Buy” and an average target price of $197.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in shares of Inhibrx Biosciences by 10,888.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,868 shares of the company’s stock worth $187,000 after buying an additional 1,851 shares in the last quarter. Opaleye Management Inc. purchased a new position in Inhibrx Biosciences during the 2nd quarter valued at about $1,923,000. Tidal Investments LLC purchased a new position in Inhibrx Biosciences during the 2nd quarter valued at about $964,000. Integrated Wealth Concepts LLC acquired a new position in Inhibrx Biosciences during the second quarter worth about $31,000. Finally, NINE MASTS CAPITAL Ltd acquired a new position in Inhibrx Biosciences during the second quarter worth about $284,000. Institutional investors and hedge funds 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.