Insider Buying: Inhibrx Biosciences (NASDAQ:INBX) CEO Buys 25,000 Shares

Inhibrx Biosciences, Inc. (NASDAQ:INBX) CEO Mark Lappe bought 25,000 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was bought at an average cost of $105.82 per share, for a total transaction of $2,645,500.00. Following the completion of the transaction, the chief executive officer directly owned 730,548 shares of the company’s stock, valued at $77,306,589.36. This trade represents a 3.54% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Inhibrx Biosciences Stock Performance

Shares of NASDAQ INBX traded down $6.83 during midday trading on Tuesday, reaching $114.34. 1,619,098 shares of the company traded hands, compared to its average volume of 319,628. The stock has a 50-day moving average price of $97.77 and a 200 day moving average price of $92.51. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -12.88 and a beta of 3.66. Inhibrx Biosciences, Inc. has a 52 week low of $26.19 and a 52 week high of $155.29. The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($2.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06). Sell-side analysts anticipate that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current fiscal year.

Institutional Trading of Inhibrx Biosciences

Hedge funds have recently bought and sold shares of the stock. Persistent Asset Partners Ltd acquired a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at about $27,000. Quantbot Technologies LP acquired a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at approximately $68,000. BNP Paribas Financial Markets grew its position in shares of Inhibrx Biosciences by 71.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock valued at $64,000 after acquiring an additional 789 shares during the period. Daiwa Securities Group Inc. bought a new position in Inhibrx Biosciences during the fourth quarter worth about $66,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Inhibrx Biosciences by 16.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,406 shares of the company’s stock worth $431,000 after acquiring an additional 911 shares during the period. 82.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on INBX shares. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research report on Monday, August 24th. They set a “buy” rating and a $245.00 target price on the stock. Wall Street Zen cut shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Finally, Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $197.50.

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.