Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 10% – Should You Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shot up 10% during trading on Tuesday. The stock traded as high as $96.38 and last traded at $97.4470. 98,574 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 308,014 shares. The stock had previously closed at $88.61.

Analysts Set New Price Targets

INBX has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. HC Wainwright assumed coverage on shares of Inhibrx Biosciences in a report on Monday, August 24th. They set a “buy” rating and a $245.00 target price for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. One 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Inhibrx Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $197.50.

Inhibrx Biosciences Stock Performance

The company’s 50 day moving average is $103.80 and its 200 day moving average is $91.47. The firm has a market cap of $1.42 billion, a P/E ratio of -10.86 and a beta of 3.81.

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

Insider Activity at Inhibrx Biosciences

In other news, Director Jon Kayyem bought 5,000 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was acquired at an average cost of $113.52 per share, with a total value of $567,600.00. Following the completion of the transaction, the director directly owned 424,360 shares of the company’s stock, valued at $48,173,347.20. This represents a 1.19% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kimberly Manhard sold 500 shares of Inhibrx Biosciences stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $110.26, for a total transaction of $55,130.00. Following the completion of the transaction, the director owned 8,000 shares of the company’s stock, valued at $882,080. The trade was a 5.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have bought 62,540 shares of company stock valued at $6,347,507 and have sold 1,500 shares valued at $168,590. 18.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of large investors have recently added to or reduced their stakes in INBX. Bank of America Corp DE bought a new position in Inhibrx Biosciences in the 2nd quarter worth $79,698,000. BlackRock Inc. bought a new position in shares of Inhibrx Biosciences in the 2nd quarter worth approximately $78,261,000. Parkman Healthcare Partners LLC purchased a new position in shares of Inhibrx Biosciences during the 2nd quarter valued at about $24,346,000. Jefferies Financial Group Inc. bought a new position in Inhibrx Biosciences in the 2nd quarter worth $6,956,000. Finally, SummitTX Capital L.P. boosted its position in shares of Inhibrx Biosciences by 66.3% during the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company’s stock worth $9,266,000 after acquiring an additional 54,936 shares during the last quarter. Institutional investors own 82.46% of the company’s stock.

Inhibrx Biosciences Company Profile

Inhibrx Biosciences, Inc is a biotechnology company focused on developing biologic medicines for serious and rare diseases. The company uses its proprietary protein-engineering and antibody-development platforms to create therapies designed to address conditions with limited treatment options.

Its lead investigational program was INBRX-101, an engineered recombinant protein developed for alpha-1 antitrypsin deficiency-associated lung disease. The company also advanced other potential treatments, including INBRX-109, an investigational therapy studied in certain solid tumors, and additional biologic candidates targeting oncology and other serious diseases.