Inhibrx Biosciences (NASDAQ:INBX) Trading Down 6.8% – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares traded down 6.8% on Friday . The stock traded as low as $76.01 and last traded at $76.5050. 97,486 shares were traded during mid-day trading, a decline of 49% from the average session volume of 190,540 shares. The stock had previously closed at $82.11.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on INBX. Weiss Ratings reissued a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Wednesday, November 19th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Performance

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 stock has a 50 day moving average of $79.26 and a 200 day moving average of $56.51. The stock has a market capitalization of $1.10 billion, a P/E ratio of -7.58 and a beta of 1.35.

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 the consensus estimate of ($2.94) by $0.66. Equities analysts predict that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current year.

Institutional Investors Weigh In On Inhibrx Biosciences

Several large investors have recently made changes to their positions in INBX. Morgan Stanley boosted its position in shares of Inhibrx Biosciences by 163.7% during the fourth quarter. Morgan Stanley now owns 1,167,728 shares of the company’s stock worth $92,251,000 after buying an additional 724,872 shares during the period. Capital Research Global Investors bought a new stake in Inhibrx Biosciences during the 4th quarter valued at $33,304,000. Caligan Partners LP acquired a new position in Inhibrx Biosciences during the 3rd quarter worth $7,961,000. State Street Corp grew its stake in shares of Inhibrx Biosciences by 83.9% in the fourth quarter. State Street Corp now owns 374,961 shares of the company’s stock worth $29,622,000 after purchasing an additional 171,038 shares in the last quarter. Finally, Readystate Asset Management LP increased its holdings in shares of Inhibrx Biosciences by 534.1% during the third quarter. Readystate Asset Management LP now owns 170,158 shares of the company’s stock valued at $5,731,000 after purchasing an additional 143,324 shares during the period. Institutional investors and hedge funds own 82.46% of the company’s stock.

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.