Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 6.5% – What’s Next?

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) dropped 6.5% during mid-day trading on Tuesday . The stock traded as low as $71.32 and last traded at $71.0350. Approximately 89,242 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 165,441 shares. The stock had previously closed at $75.94.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on INBX shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Wednesday, October 8th. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Wednesday, November 19th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Inhibrx Biosciences currently has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Performance

The stock has a 50 day moving average of $80.75 and a two-hundred day moving average of $47.73. The stock has a market capitalization of $1.06 billion, a PE ratio of -7.30 and a beta of 1.34. The company has a debt-to-equity ratio of 2.71, a current ratio of 4.49 and a quick ratio of 4.49.

Inhibrx Biosciences (NASDAQ:INBX) last released its earnings results on Thursday, November 13th. The company reported ($2.28) EPS for the quarter, beating analysts’ consensus estimates of ($2.94) by $0.66. Research analysts expect that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC lifted its position in shares of Inhibrx Biosciences by 34.2% during the 1st quarter. Acadian Asset Management LLC now owns 192,498 shares of the company’s stock valued at $2,689,000 after acquiring an additional 49,023 shares during the period. Strs Ohio purchased a new position in Inhibrx Biosciences in the 1st quarter valued at approximately $27,000. Ethic Inc. acquired a new position in Inhibrx Biosciences during the second quarter worth $227,000. Franklin Resources Inc. acquired a new position in Inhibrx Biosciences during the second quarter worth $316,000. Finally, Russell Investments Group Ltd. boosted its position in Inhibrx Biosciences by 11.0% during the second quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock worth $428,000 after purchasing an additional 2,963 shares in the last quarter. 82.46% of the stock is owned by hedge funds and other institutional investors.

Inhibrx Biosciences Company Profile

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.