Healthcare of Ontario Pension Plan Trust Fund Cuts Stake in Inhibrx Biosciences, Inc. $INBX

Healthcare of Ontario Pension Plan Trust Fund reduced its position in shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) by 35.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 170,700 shares of the company’s stock after selling 93,300 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Inhibrx Biosciences were worth $11,476,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Morgan Stanley lifted its stake in shares of Inhibrx Biosciences by 163.7% in the fourth quarter. Morgan Stanley now owns 1,167,728 shares of the company’s stock worth $92,251,000 after buying an additional 724,872 shares in the last quarter. Capital Research Global Investors bought a new stake in shares of Inhibrx Biosciences during the fourth quarter valued at approximately $33,304,000. Caligan Partners LP purchased a new position in Inhibrx Biosciences in the 3rd quarter worth approximately $7,961,000. State Street Corp raised its holdings in Inhibrx Biosciences by 83.9% in the 4th quarter. State Street Corp now owns 374,961 shares of the company’s stock worth $29,622,000 after acquiring an additional 171,038 shares during the last quarter. Finally, Norges Bank bought a new position in Inhibrx Biosciences in the 4th quarter valued at approximately $10,531,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on INBX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. Zacks Research raised Inhibrx Biosciences to a “hold” rating in a report on Thursday, April 9th. Wall Street Zen raised Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Stifel Nicolaus started coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They issued a “buy” rating and a $150.00 price objective for the company. Finally, Lifesci Capital raised Inhibrx Biosciences to a “strong-buy” rating in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Inhibrx Biosciences currently has an average rating of “Hold” and an average target price of $150.00.

Inhibrx Biosciences Trading Down 3.4%

NASDAQ:INBX opened at $79.68 on Wednesday. The company has a current ratio of 6.46, a quick ratio of 6.46 and a debt-to-equity ratio of 12.58. Inhibrx Biosciences, Inc. has a 12 month low of $20.55 and a 12 month high of $155.29. The company has a market cap of $1.17 billion, a PE ratio of -9.50 and a beta of 3.41. The company has a 50 day simple moving average of $94.21 and a two-hundred day simple moving average of $87.35.

Inhibrx Biosciences (NASDAQ:INBX) last announced its earnings results on Thursday, May 14th. The company reported ($2.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.68) by ($0.47). Research analysts forecast that Inhibrx Biosciences, Inc. will post -10.15 earnings per share for the current year.

About Inhibrx Biosciences

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.