Legal & General Group Plc Takes Position in Inhibrx Biosciences, Inc. $INBX

Legal & General Group Plc purchased a new stake in Inhibrx Biosciences, Inc. (NASDAQ:INBX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,138 shares of the company’s stock, valued at approximately $487,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Persistent Asset Partners Ltd purchased a new stake in Inhibrx Biosciences during the fourth quarter valued at about $27,000. Quantbot Technologies LP purchased a new position in Inhibrx Biosciences during the 2nd quarter worth approximately $68,000. BNP Paribas Financial Markets grew its position in Inhibrx Biosciences by 71.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after purchasing an additional 789 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Inhibrx Biosciences in the fourth quarter valued at $66,000. Finally, Janney Montgomery Scott LLC boosted its position in shares of Inhibrx Biosciences by 16.6% in the first quarter. Janney Montgomery Scott LLC now owns 6,406 shares of the company’s stock worth $431,000 after buying an additional 911 shares during the period. Institutional investors and hedge funds own 82.46% of the company’s stock.

Analyst Upgrades and Downgrades

INBX has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. Wall Street Zen lowered shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. 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 target price for the company. Finally, Citigroup restated a “market perform” rating on shares of Inhibrx Biosciences in a report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued 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.com, the company has a consensus rating of “Moderate Buy” and an average target price of $197.50.

Inhibrx Biosciences News Summary

Here are the key news stories impacting Inhibrx Biosciences this week:

• Positive Sentiment: Promising Phase 2 cancer data: INBRX-106 combined with Merck’s pembrolizumab produced a 48.3% confirmed overall response rate versus 26.5% for pembrolizumab alone in first-line head and neck cancer. Interim median progression-free survival was 9.6 months, and 72.4% of combination-treatment patients remained progression-free at six months versus 42.8% with pembrolizumab alone. Inhibrx Phase 2 HNSCC study results
• Positive Sentiment: Particularly strong HPV-positive results: In this subgroup, the combination achieved an 80% response rate versus 33.3% for pembrolizumab alone, a 30% complete-response rate versus 0%, and a substantial improvement in six-month progression-free survival. Reuters reported that the treatment reduced tumors in the mid-stage study. Reuters report on Inhibrx cancer study
• Positive Sentiment: Insider buying supports sentiment: CEO Mark Lappe purchased 25,000 shares for approximately $2.65 million, while directors Jon Kayyem and Douglas Forsyth bought 5,000 and 2,500 shares, respectively. The purchases increase confidence among some investors that management views the valuation and clinical outlook favorably. CEO insider purchase filing
• Neutral Sentiment: Further testing remains necessary: Inhibrx plans to expand the Phase 2 study by roughly 50 HPV-positive patients and may pursue an accelerated-approval pathway. However, the results are still mid-stage, and regulatory approval and commercial success are not guaranteed.

Insider Activity at Inhibrx Biosciences

In other Inhibrx Biosciences news, CEO Mark Lappe acquired 25,000 shares of Inhibrx Biosciences stock in a transaction that occurred on Tuesday, September 8th. The stock was acquired at an average price of $105.82 per share, with a total value of $2,645,500.00. Following the purchase, the chief executive officer owned 730,548 shares in the company, valued at approximately $77,306,589.36. This trade represents a 3.54% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jon Kayyem acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was acquired at an average price of $113.52 per share, with a total value of $567,600.00. Following the completion of the acquisition, the director directly owned 424,360 shares of the company’s stock, valued at $48,173,347.20. This represents a 1.19% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders acquired 32,500 shares of company stock valued at $3,499,725. Insiders own 18.26% of the company’s stock.

Inhibrx Biosciences Trading Down 5.6%

NASDAQ:INBX opened at $114.34 on Wednesday. The company has a market capitalization of $1.68 billion, a P/E ratio of -12.88 and a beta of 3.66. The stock’s 50 day moving average price is $98.17 and its 200 day moving average price is $92.74. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07. Inhibrx Biosciences, Inc. has a 52 week low of $26.19 and a 52 week high of $155.29.

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

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.