Inhibrx Biosciences (NASDAQ:INBX) Shares Up 11.6% – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s share price rose 11.6% during mid-day trading on Tuesday. The company traded as high as $80.77 and last traded at $80.5440. 120,094 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 312,897 shares. The stock had previously closed at $72.16.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on INBX shares. HC Wainwright began coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 price objective for the company. Wall Street Zen downgraded Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $197.50.

Inhibrx Biosciences Stock Performance

The stock has a 50 day simple moving average of $99.62 and a 200-day simple moving average of $91.74.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06). As a group, equities research analysts forecast that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current fiscal year.

Insider Transactions at Inhibrx Biosciences

In other news, CEO Mark Lappe bought 25,000 shares of the company’s stock in a transaction on Tuesday, September 8th. The shares were acquired at an average cost of $105.82 per share, with a total value of $2,645,500.00. Following the completion of the transaction, the chief executive officer owned 730,548 shares of the company’s stock, valued at approximately $77,306,589.36. This trade represents a 3.54% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jon Kayyem acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was acquired at an average cost of $113.52 per share, for a total transaction of $567,600.00. Following the acquisition, the director owned 424,360 shares of the company’s stock, valued at $48,173,347.20. The trade was a 1.19% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 62,540 shares of company stock valued at $6,347,507 and have sold 1,500 shares valued at $168,590. Insiders own 18.26% of the company’s stock.

Hedge Funds Weigh In On Inhibrx Biosciences

Several institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC increased its holdings in shares of Inhibrx Biosciences by 380.3% in the third quarter. Sterling Capital Management LLC now owns 293 shares of the company’s stock worth $29,000 after purchasing an additional 232 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Inhibrx Biosciences in the second quarter worth $31,000. Quantbot Technologies LP bought a new stake in shares of Inhibrx Biosciences in the 2nd quarter worth about $68,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Inhibrx Biosciences during the third quarter valued at approximately $75,000. Finally, State of Wyoming purchased a new position in Inhibrx Biosciences during the 2nd quarter valued at $116,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

About Inhibrx Biosciences

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.