Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 10% – Here’s What Happened

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price shot up 10% during mid-day trading on Tuesday. The company traded as high as $96.38 and last traded at $97.4470. 98,574 shares were traded during mid-day trading, a decline of 68% from the average session volume of 308,014 shares. The stock had previously closed at $88.61.

Wall Street Analysts Forecast Growth

INBX has been the topic of a number of recent research reports. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 target price on the stock. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. Finally, Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $197.50.

Inhibrx Biosciences Stock Down 23.4%

The business’s fifty day simple moving average is $103.45 and its two-hundred day simple moving average is $91.62. The company has a market cap of $1.08 billion, a price-to-earnings ratio of -8.25 and a beta of 3.81.

Inhibrx Biosciences (NASDAQ:INBX) last announced 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). Sell-side analysts predict that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current fiscal year.

Insider Buying and Selling at Inhibrx Biosciences

In other Inhibrx Biosciences news, CEO Mark Lappe bought 10,040 shares of the firm’s stock in a transaction dated Wednesday, October 14th. The stock was acquired at an average price of $84.56 per share, for a total transaction of $848,982.40. Following the completion of the purchase, the chief executive officer owned 745,588 shares of the company’s stock, valued at approximately $63,046,921.28. This represents a 1.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jon Kayyem purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were bought at an average cost of $100.00 per share, for a total transaction of $500,000.00. Following the acquisition, the director owned 434,360 shares of the company’s stock, valued at approximately $43,436,000. The trade was a 1.16% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 62,540 shares of company stock worth $6,347,507 and sold 1,500 shares worth $168,590. 18.26% of the stock is owned by company insiders.

Institutional Trading of Inhibrx Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC lifted its stake in shares of Inhibrx Biosciences by 380.3% in the 3rd quarter. Sterling Capital Management LLC now owns 293 shares of the company’s stock worth $29,000 after acquiring an additional 232 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Inhibrx Biosciences in the second quarter valued at about $31,000. China Universal Asset Management Co. Ltd. boosted its holdings in Inhibrx Biosciences by 15.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,685 shares of the company’s stock valued at $281,000 after purchasing an additional 350 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Inhibrx Biosciences in the 2nd quarter valued at approximately $68,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Inhibrx Biosciences during the 3rd quarter worth approximately $75,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

Inhibrx Biosciences Company Profile

Inhibrx Biosciences, Inc is a biotechnology company focused on developing biologic medicines for serious and rare diseases. The company uses its proprietary protein-engineering and antibody-development platforms to create therapies designed to address conditions with limited treatment options.

Its lead investigational program was INBRX-101, an engineered recombinant protein developed for alpha-1 antitrypsin deficiency-associated lung disease. The company also advanced other potential treatments, including INBRX-109, an investigational therapy studied in certain solid tumors, and additional biologic candidates targeting oncology and other serious diseases.