Insider Selling: Inhibrx Biosciences (NASDAQ:INBX) Director Sells $57,570.00 in Stock

Inhibrx Biosciences, Inc. (NASDAQ:INBX) Director Kimberly Manhard sold 500 shares of Inhibrx Biosciences stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $115.14, for a total transaction of $57,570.00. Following the transaction, the director directly owned 9,500 shares of the company’s stock, valued at approximately $1,093,830. This trade represents a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Inhibrx Biosciences Stock Performance

Shares of NASDAQ INBX opened at $109.27 on Friday. The company’s fifty day moving average price is $99.03 and its 200 day moving average price is $93.31. Inhibrx Biosciences, Inc. has a 1 year low of $26.19 and a 1 year high of $155.29. The company has a market capitalization of $1.61 billion, a PE ratio of -12.31 and a beta of 3.66. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07.

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

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Inhibrx Biosciences

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

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing biologic medicines for serious diseases with limited treatment options. The company uses a proprietary protein-engineering platform to design novel therapeutic proteins, including multivalent and long-acting biologics intended to selectively affect disease-related biological pathways.

Inhibrx’s development programs have included INBRX-101, also known as efzofitimod, an engineered fibroblast growth factor 1 intended for the treatment of alpha-1 antitrypsin deficiency-associated emphysema and other inflammatory lung conditions.