IN8bio (NASDAQ:INAB) Trading Up 3% – Here’s Why

IN8bio, Inc. (NASDAQ:INAB)’s stock price shot up 3% on Thursday . The company traded as high as $1.81 and last traded at $1.71. 23,383 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 39,729 shares. The stock had previously closed at $1.66.

Wall Street Analysts Forecast Growth

INAB has been the topic of several recent analyst reports. Zacks Research upgraded shares of IN8bio to a “hold” rating in a research note on Thursday, January 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of IN8bio in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $92.00.

IN8bio Stock Up 3.0%

The business’s 50 day moving average is $2.04 and its 200-day moving average is $2.02. The firm has a market capitalization of $16.71 million, a P/E ratio of -0.31 and a beta of -0.01.

Institutional Trading of IN8bio

Hedge funds and other institutional investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. boosted its stake in shares of IN8bio by 1,060.8% in the 4th quarter. Alyeska Investment Group L.P. now owns 957,484 shares of the company’s stock valued at $2,231,000 after purchasing an additional 875,000 shares in the last quarter. Franklin Resources Inc. lifted its position in IN8bio by 381.6% during the fourth quarter. Franklin Resources Inc. now owns 914,531 shares of the company’s stock valued at $2,048,000 after buying an additional 724,637 shares during the period. 683 Capital Management LLC bought a new stake in shares of IN8bio during the 4th quarter valued at $1,696,000. Stonepine Capital Management LLC bought a new position in shares of IN8bio during the second quarter valued at approximately $172,000. Finally, Two Sigma Investments LP purchased a new stake in shares of IN8bio in the 3rd quarter worth approximately $107,000. Institutional investors own 92.05% of the company’s stock.

About IN8bio

IN8bio, Inc (NASDAQ: INAB) is a clinical-stage biotechnology company focused on the development of novel immunotherapies for the treatment of cancer and neurodegenerative disorders. The company leverages insights into the body’s innate and adaptive immune systems to engineer cell-based products designed to target solid tumors, brain injuries and cognitive decline.

IN8bio’s pipeline is built on two proprietary platforms. The ENACT™ platform centers on allogeneic gamma delta T cell therapies aimed at solid tumors, with lead candidates advancing through early-stage clinical trials in glioblastoma and other oncology indications.