Inhibrx Biosciences (NASDAQ:INBX) Trading Down 6.8% – Should You Sell?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s share price dropped 6.8% on Friday . The stock traded as low as $76.01 and last traded at $76.5050. Approximately 97,486 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 190,540 shares. The stock had previously closed at $82.11.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a report on Wednesday, November 19th. Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Inhibrx Biosciences currently has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Down 7.7%

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 company has a market cap of $1.10 billion, a P/E ratio of -7.56 and a beta of 1.35. The business’s fifty day moving average is $78.99 and its two-hundred day moving average is $57.10.

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

Hedge Funds Weigh In On Inhibrx Biosciences

Several institutional investors have recently made changes to their positions in INBX. Mirae Asset Global Investments Co. Ltd. grew its holdings in Inhibrx Biosciences by 26.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock worth $56,000 after acquiring an additional 147 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Inhibrx Biosciences by 1.3% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 22,883 shares of the company’s stock valued at $1,808,000 after purchasing an additional 299 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Inhibrx Biosciences by 71.9% during the third 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 during the period. Daiwa Securities Group Inc. bought a new position in Inhibrx Biosciences in the fourth quarter worth approximately $66,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Inhibrx Biosciences during the 3rd quarter valued at $40,000. 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.