Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 8% – Should You Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares shot up 8% during trading on Thursday . The company traded as high as $105.98 and last traded at $104.8740. Approximately 246,618 shares were traded during trading, a decline of 24% from the average daily volume of 326,625 shares. The stock had previously closed at $97.10.

Wall Street Analyst Weigh In

INBX has been the subject of several research reports. Wall Street Zen cut shares of Inhibrx Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Stifel Nicolaus initiated coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They set a “buy” rating and a $150.00 price objective on the stock. Lifesci Capital upgraded Inhibrx Biosciences to a “strong-buy” rating in a research report on Friday, April 24th. Finally, Zacks Research raised Inhibrx Biosciences to a “hold” rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $150.00.

Inhibrx Biosciences Stock Performance

The company has a market capitalization of $1.54 billion, a P/E ratio of -12.44 and a beta of 3.41. The firm has a 50 day moving average price of $103.65 and a two-hundred day moving average price of $86.46. The company has a debt-to-equity ratio of 12.58, a quick ratio of 6.46 and a current ratio of 6.46.

Inhibrx Biosciences (NASDAQ:INBX) last issued its earnings results on Thursday, May 14th. The company reported ($2.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.68) by ($0.47). On average, research analysts expect that Inhibrx Biosciences, Inc. will post -10.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in INBX. Boothbay Fund Management LLC grew its holdings in shares of Inhibrx Biosciences by 179.2% in the 3rd quarter. Boothbay Fund Management LLC now owns 78,812 shares of the company’s stock worth $2,654,000 after purchasing an additional 50,582 shares during the last quarter. SG Americas Securities LLC bought a new position in Inhibrx Biosciences during the 4th quarter valued at about $1,271,000. Dynamic Technology Lab Private Ltd acquired a new position in Inhibrx Biosciences in the third quarter valued at about $249,000. PSP Research LLC acquired a new position in Inhibrx Biosciences in the fourth quarter valued at about $505,000. Finally, Jefferies Financial Group Inc. bought a new stake in Inhibrx Biosciences during the fourth quarter worth about $703,000. 82.46% of the stock is owned by institutional investors.

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.