Inhibrx Biosciences, Inc. (NASDAQ:INBX) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Inhibrx Biosciences, Inc. (NASDAQ:INBX) has been assigned an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $197.50.

Several research analysts have recently weighed in on the company. Wall Street Zen cut Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Friday, September 11th. Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. Finally, HC Wainwright began coverage on shares of Inhibrx Biosciences in a research report on Monday, August 24th. They issued a “buy” rating and a $245.00 target price for the company.

Insider Transactions at Inhibrx Biosciences

In other Inhibrx Biosciences news, CEO Mark Lappe purchased 10,040 shares of the firm’s stock in a transaction that occurred on Wednesday, October 14th. The stock was purchased at an average cost of $84.56 per share, with a total value of $848,982.40. Following the transaction, the chief executive officer owned 745,588 shares in the company, valued at approximately $63,046,921.28. This trade represents a 1.36% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kimberly Manhard sold 500 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $110.26, for a total value of $55,130.00. Following the transaction, the director directly owned 8,000 shares in the company, valued at approximately $882,080. This represents a 5.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have acquired 62,540 shares of company stock worth $6,347,507 and have sold 1,500 shares worth $168,590. Insiders own 18.26% of the company’s stock.

Institutional Trading of Inhibrx Biosciences

Several hedge funds have recently added to or reduced their stakes in INBX. Sterling Capital Management LLC increased its position in Inhibrx Biosciences by 380.3% during the third quarter. Sterling Capital Management LLC now owns 293 shares of the company’s stock worth $29,000 after buying an additional 232 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Inhibrx Biosciences in the second quarter valued at approximately $31,000. Quantbot Technologies LP purchased a new position in Inhibrx Biosciences in the second quarter valued at about $68,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Inhibrx Biosciences during the third quarter worth $75,000. Finally, State of Wyoming bought a new position in Inhibrx Biosciences in the second quarter valued at $116,000. Institutional investors and hedge funds own 82.46% of the company’s stock.

Inhibrx Biosciences Stock Performance

Shares of NASDAQ:INBX opened at $71.78 on Wednesday. The business has a fifty day moving average of $102.34 and a 200-day moving average of $91.60. The firm has a market cap of $1.06 billion, a PE ratio of -8.08 and a beta of 4.03. Inhibrx Biosciences has a twelve month low of $57.30 and a twelve month high of $155.29.

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

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.