The Manufacturers Life Insurance Company Makes New Investment in Inhibrx Biosciences, Inc. $INBX

The Manufacturers Life Insurance Company bought a new stake in Inhibrx Biosciences, Inc. (NASDAQ:INBX) during the second quarter, HoldingsChannel reports. The firm bought 4,206 shares of the company’s stock, valued at approximately $399,000.

Other large investors have also modified their holdings of the company. Western Standard LLC bought a new stake in Inhibrx Biosciences in the second quarter valued at about $4,453,000. SummitTX Capital L.P. grew its position 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 worth $9,266,000 after acquiring an additional 54,936 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at approximately $78,261,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Inhibrx Biosciences during the 4th quarter valued at approximately $20,856,000. Finally, PSP Research LLC acquired a new stake in shares of Inhibrx Biosciences during the 4th quarter valued at approximately $505,000. Institutional investors own 82.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. HC Wainwright assumed coverage on shares of Inhibrx Biosciences in a research report on Monday, August 24th. They issued a “buy” rating and a $245.00 price target on the stock. Finally, Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a report on Thursday, August 27th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Inhibrx Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $197.50.

Inhibrx Biosciences Price Performance

Shares of Inhibrx Biosciences stock opened at $121.17 on Tuesday. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -13.65 and a beta of 3.66. Inhibrx Biosciences, Inc. has a twelve month low of $26.19 and a twelve month high of $155.29. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 12.58. The business’s 50 day simple moving average is $97.77 and its 200-day simple moving average is $92.51.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings data 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). Equities research analysts forecast that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current 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.