Inhibrx Biosciences (NASDAQ:INBX) Releases Quarterly Earnings Results, Misses Estimates By $0.47 EPS

Inhibrx Biosciences (NASDAQ:INBX) posted its quarterly earnings results on Thursday. The company reported ($2.15) EPS for the quarter, missing the consensus estimate of ($1.68) by ($0.47), FiscalAI reports.

Inhibrx Biosciences Trading Down 1.5%

Shares of NASDAQ:INBX traded down $1.79 during midday trading on Thursday, reaching $116.16. 563,655 shares of the company’s stock were exchanged, compared to its average volume of 710,079. The firm’s 50 day simple moving average is $86.96 and its two-hundred day simple moving average is $81.89. The company has a debt-to-equity ratio of 12.58, a current ratio of 3.93 and a quick ratio of 3.93. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -12.85 and a beta of 3.88. Inhibrx Biosciences has a fifty-two week low of $10.97 and a fifty-two week high of $155.29.

Institutional Trading of Inhibrx Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of INBX. Strs Ohio acquired a new stake in shares of Inhibrx Biosciences during the 1st quarter worth about $27,000. Russell Investments Group Ltd. increased its position in shares of Inhibrx Biosciences by 11.0% during the 2nd 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 last quarter. Invesco Ltd. acquired a new stake in shares of Inhibrx Biosciences during the 2nd quarter worth about $193,000. Bank of America Corp DE increased its position in shares of Inhibrx Biosciences by 19.2% during the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock worth $130,000 after purchasing an additional 1,469 shares during the last quarter. Finally, Bridgeway Capital Management LLC acquired a new stake in shares of Inhibrx Biosciences during the 2nd quarter worth about $235,000. 82.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Stifel Nicolaus assumed coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They set a “buy” rating and a $150.00 price target on the stock. Wall Street Zen upgraded Inhibrx Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Zacks Research upgraded Inhibrx Biosciences to a “hold” rating in a report on Thursday, April 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Finally, Lifesci Capital upgraded Inhibrx Biosciences to a “strong-buy” rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $150.00.

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.