Inhibrx Biosciences (NASDAQ:INBX) Trading Down 6.6% – Here’s Why

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) traded down 6.6% on Monday . The stock traded as low as $94.20 and last traded at $96.76. 131,169 shares changed hands during trading, a decline of 58% from the average session volume of 311,598 shares. The stock had previously closed at $103.63.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INBX. Wall Street Zen downgraded Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. HC Wainwright started coverage on Inhibrx Biosciences in a report on Monday. They set a “buy” rating and a $245.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued 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.

Inhibrx Biosciences Stock Up 16.9%

The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 12.58. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -13.82 and a beta of 3.51. The stock’s fifty day moving average price is $92.45 and its 200-day moving average price is $89.81.

Inhibrx Biosciences (NASDAQ:INBX) last announced its 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, sell-side analysts predict that Inhibrx Biosciences, Inc. will post -10.88 earnings per share for the current fiscal year.

Institutional Trading of Inhibrx Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Western Standard LLC acquired a new position in Inhibrx Biosciences during the second quarter worth $4,453,000. Parkman Healthcare Partners LLC bought a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at about $24,346,000. PSP Research LLC acquired a new position in shares of Inhibrx Biosciences during the 4th quarter worth about $505,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at about $20,856,000. Finally, SummitTX Capital L.P. raised its holdings in shares of Inhibrx Biosciences by 66.3% in the 1st quarter. SummitTX Capital L.P. now owns 137,821 shares of the company’s stock valued at $9,266,000 after purchasing an additional 54,936 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.