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

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) dropped 6.6% during trading on Tuesday . The company traded as low as $59.98 and last traded at $60.39. Approximately 53,392 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 191,122 shares. The stock had previously closed at $64.63.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Performance

The company has a market capitalization of $889.53 million, a price-to-earnings ratio of -6.79 and a beta of 1.50. The company has a debt-to-equity ratio of 12.58, a quick ratio of 3.93 and a current ratio of 3.93. The company’s fifty day simple moving average is $75.28 and its two-hundred day simple moving average is $66.30.

Inhibrx Biosciences (NASDAQ:INBX) last issued its earnings results on Thursday, March 19th. The company reported ($2.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.08) by ($0.03). Equities research analysts predict that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current fiscal year.

Institutional Trading of Inhibrx Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio bought a new position in Inhibrx Biosciences during the 1st quarter worth approximately $27,000. Franklin Resources Inc. bought a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at approximately $316,000. Russell Investments Group Ltd. raised its position in shares of Inhibrx Biosciences by 11.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock valued at $428,000 after acquiring an additional 2,963 shares in the last quarter. Invesco Ltd. acquired a new stake in shares of Inhibrx Biosciences during the 2nd quarter valued at approximately $193,000. Finally, Kennedy Capital Management LLC boosted its holdings in Inhibrx Biosciences by 7.5% in the second quarter. Kennedy Capital Management LLC now owns 177,318 shares of the company’s stock worth $2,530,000 after purchasing an additional 12,342 shares during the period. Institutional investors and hedge funds own 82.46% of the company’s stock.

About Inhibrx Biosciences

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.