Inhibrx Biosciences (NASDAQ:INBX) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen downgraded shares of Inhibrx Biosciences (NASDAQ:INBX) from a hold rating to a sell rating in a report issued on Saturday morning.

INBX has been the topic of a number of other reports. Zacks Research upgraded Inhibrx Biosciences to a “hold” rating in a report on Thursday, April 9th. Lifesci Capital raised Inhibrx Biosciences to a “strong-buy” rating in a research report on Friday, April 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. Finally, Stifel Nicolaus assumed coverage on Inhibrx Biosciences in a research note on Wednesday, April 8th. They issued a “buy” rating and a $150.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $150.00.

Inhibrx Biosciences Price Performance

NASDAQ INBX opened at $82.05 on Friday. The company has a debt-to-equity ratio of 12.58, a quick ratio of 6.46 and a current ratio of 6.46. The firm’s 50 day moving average price is $92.70 and its 200-day moving average price is $87.42. Inhibrx Biosciences has a 52-week low of $20.55 and a 52-week high of $155.29. The company has a market cap of $1.20 billion, a PE ratio of -9.78 and a beta of 3.41.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($2.15) EPS for the quarter, missing analysts’ consensus estimates of ($1.68) by ($0.47). Sell-side analysts forecast that Inhibrx Biosciences will post -10.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of INBX. Strs Ohio acquired a new position in Inhibrx Biosciences in the 1st quarter worth approximately $27,000. Russell Investments Group Ltd. raised its position in Inhibrx Biosciences by 11.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock worth $428,000 after buying an additional 2,963 shares during the last quarter. Invesco Ltd. purchased a new position in Inhibrx Biosciences during the 2nd quarter worth approximately $193,000. Bank of America Corp DE lifted its stake in Inhibrx Biosciences by 19.2% during the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock valued at $130,000 after acquiring an additional 1,469 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new stake in Inhibrx Biosciences during the 2nd quarter valued at approximately $235,000. Institutional investors and hedge funds own 82.46% of the company’s stock.

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.