Inhibrx Biosciences (NASDAQ:INBX) Director Douglas Forsyth Acquires 2,500 Shares

Inhibrx Biosciences, Inc. (NASDAQ:INBX) Director Douglas Forsyth purchased 2,500 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were acquired at an average price of $114.65 per share, for a total transaction of $286,625.00. Following the purchase, the director directly owned 227,064 shares in the company, valued at approximately $26,032,887.60. The trade was a 1.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Inhibrx Biosciences Stock Down 5.6%

INBX stock opened at $114.34 on Wednesday. The business’s 50-day moving average price is $98.17 and its 200-day moving average price is $92.74. The stock has a market cap of $1.68 billion, a P/E ratio of -12.88 and a beta of 3.66. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 12.58. Inhibrx Biosciences, Inc. has a twelve month low of $26.19 and a twelve month high of $155.29.

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INBX. Bank of America Corp DE acquired a new position in shares of Inhibrx Biosciences during the second quarter valued at about $79,698,000. BlackRock Inc. acquired a new stake in Inhibrx Biosciences in the 2nd quarter worth approximately $78,261,000. California State Teachers Retirement System boosted its stake in Inhibrx Biosciences by 149,396.5% in the 2nd quarter. California State Teachers Retirement System now owns 734,028 shares of the company’s stock worth $69,549,000 after purchasing an additional 733,537 shares in the last quarter. Morgan Stanley grew its position in Inhibrx Biosciences by 163.7% during the 4th quarter. Morgan Stanley now owns 1,167,728 shares of the company’s stock worth $92,251,000 after purchasing an additional 724,872 shares during the last quarter. Finally, Capital Research Global Investors acquired a new position in Inhibrx Biosciences during the 4th quarter valued at approximately $33,304,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

More Inhibrx Biosciences News

Here are the key news stories impacting Inhibrx Biosciences this week:

• Positive Sentiment: Promising Phase 2 cancer data: INBRX-106 combined with Merck’s pembrolizumab produced a 48.3% confirmed overall response rate versus 26.5% for pembrolizumab alone in first-line head and neck cancer. Interim median progression-free survival was 9.6 months, and 72.4% of combination-treatment patients remained progression-free at six months versus 42.8% with pembrolizumab alone. Inhibrx Phase 2 HNSCC study results
• Positive Sentiment: Particularly strong HPV-positive results: In this subgroup, the combination achieved an 80% response rate versus 33.3% for pembrolizumab alone, a 30% complete-response rate versus 0%, and a substantial improvement in six-month progression-free survival. Reuters reported that the treatment reduced tumors in the mid-stage study. Reuters report on Inhibrx cancer study
• Positive Sentiment: Insider buying supports sentiment: CEO Mark Lappe purchased 25,000 shares for approximately $2.65 million, while directors Jon Kayyem and Douglas Forsyth bought 5,000 and 2,500 shares, respectively. The purchases increase confidence among some investors that management views the valuation and clinical outlook favorably. CEO insider purchase filing
• Neutral Sentiment: Further testing remains necessary: Inhibrx plans to expand the Phase 2 study by roughly 50 HPV-positive patients and may pursue an accelerated-approval pathway. However, the results are still mid-stage, and regulatory approval and commercial success are not guaranteed.

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.