Inhibrx Biosciences (NASDAQ:INBX) Trading Down 6.5% – Here’s Why

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price dropped 6.5% during mid-day trading on Tuesday . The stock traded as low as $71.32 and last traded at $71.0350. Approximately 89,242 shares traded hands during trading, a decline of 46% from the average daily volume of 165,441 shares. The stock had previously closed at $75.94.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Wednesday, October 8th. Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a research note on Wednesday, November 19th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce”.

Inhibrx Biosciences Stock Down 3.6%

The firm’s 50 day moving average is $80.75 and its 200-day moving average is $47.73. The firm has a market cap of $1.06 billion, a PE ratio of -7.30 and a beta of 1.34. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 2.71.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($2.28) earnings per share for the quarter, beating the consensus estimate of ($2.94) by $0.66. As a group, equities research analysts expect that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current fiscal year.

Institutional Trading of Inhibrx Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INBX. Acadian Asset Management LLC increased its stake in shares of Inhibrx Biosciences by 34.2% during the 1st quarter. Acadian Asset Management LLC now owns 192,498 shares of the company’s stock valued at $2,689,000 after acquiring an additional 49,023 shares during the last quarter. Strs Ohio purchased a new stake in Inhibrx Biosciences in the first quarter valued at approximately $27,000. Ethic Inc. acquired a new position in Inhibrx Biosciences during the second quarter worth approximately $227,000. Franklin Resources Inc. acquired a new position in Inhibrx Biosciences during the second quarter worth approximately $316,000. Finally, Russell Investments Group Ltd. raised its stake in Inhibrx Biosciences by 11.0% during the second quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock worth $428,000 after purchasing an additional 2,963 shares during the period. Hedge funds and other institutional investors own 82.46% of the company’s stock.

About Inhibrx Biosciences

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.