Inhibrx Biosciences (NASDAQ:INBX) Announces Quarterly Earnings Results

Inhibrx Biosciences (NASDAQ:INBX) posted its quarterly earnings data on Friday. The company reported ($2.46) EPS for the quarter, missing analysts’ consensus estimates of ($2.45) by ($0.01), FiscalAI reports. The business had revenue of $2.00 million during the quarter, compared to the consensus estimate of $1.90 million.

Inhibrx Biosciences Price Performance

Shares of NASDAQ INBX traded down $4.45 during midday trading on Friday, hitting $83.30. The stock had a trading volume of 244,903 shares, compared to its average volume of 310,786. The firm has a market cap of $1.23 billion, a P/E ratio of -9.38 and a beta of 4.03. Inhibrx Biosciences has a fifty-two week low of $57.30 and a fifty-two week high of $155.29. The company’s 50-day simple moving average is $96.05 and its 200 day simple moving average is $92.09.

Insider Transactions at Inhibrx Biosciences

In other news, Director Jon Kayyem purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were acquired at an average price of $113.52 per share, for a total transaction of $567,600.00. Following the completion of the acquisition, the director directly owned 424,360 shares in the company, valued at approximately $48,173,347.20. The trade was a 1.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Lappe purchased 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was purchased at an average price of $105.82 per share, for a total transaction of $2,645,500.00. Following the acquisition, the chief executive officer owned 730,548 shares of the company’s stock, valued at $77,306,589.36. The trade was a 3.54% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 62,540 shares of company stock worth $6,347,507 and sold 1,500 shares worth $168,590. 18.26% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Friday, September 18th. Finally, HC Wainwright assumed coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They issued a “buy” rating and a $245.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $197.50.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc. is a U.S.-based biopharmaceutical company focused on developing biologic medicines for cancer and other serious diseases. Its research uses protein engineering to create investigational therapies designed to engage specific targets in the body. The company’s oncology pipeline has included INBRX-109, an antibody designed to activate the DR5 receptor and studied for chondrosarcoma, and INBRX-106, an investigational OX40-targeting antibody. These candidates are experimental and are not approved medicines.