Inhibrx Biosciences (NASDAQ:INBX) Trading Up 10.2% – Time to Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) was up 10.2% during trading on Monday . The company traded as high as $84.05 and last traded at $84.05. Approximately 54,873 shares traded hands during trading, a decline of 73% from the average daily volume of 201,831 shares. The stock had previously closed at $76.27.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Citigroup restated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Wednesday, November 19th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

Inhibrx Biosciences Trading Down 3.0%

The company has a 50 day moving average of $79.30 and a 200 day moving average of $54.22. The company has a debt-to-equity ratio of 2.71, a quick ratio of 4.49 and a current ratio of 4.49. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -8.24 and a beta of 1.35.

Inhibrx Biosciences (NASDAQ:INBX) last announced its earnings results on Thursday, November 13th. The company reported ($2.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.94) by $0.66. On average, research analysts predict that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current fiscal year.

Institutional Trading of Inhibrx Biosciences

A number of hedge funds have recently bought and sold shares of the business. Strs Ohio acquired a new position in shares of Inhibrx Biosciences during the 1st quarter worth approximately $27,000. Public Employees Retirement System of Ohio acquired a new position in Inhibrx Biosciences during the third quarter worth $40,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Inhibrx Biosciences by 26.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock valued at $56,000 after buying an additional 147 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in 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 buying an additional 789 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Inhibrx Biosciences by 19.2% in the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock worth $130,000 after acquiring an additional 1,469 shares during the last quarter. Institutional investors and hedge funds 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.