Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 8.8% – Time to Sell?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price dropped 8.8% during mid-day trading on Wednesday . The stock traded as low as $101.29 and last traded at $100.91. Approximately 144,016 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 319,525 shares. The stock had previously closed at $110.67.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wall Street Zen downgraded 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 Friday, September 11th. HC Wainwright began coverage on Inhibrx Biosciences in a research report on Monday, August 24th. They set a “buy” rating and a $245.00 target price for the company. Finally, Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Inhibrx Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $197.50.

Inhibrx Biosciences Price Performance

The stock has a market capitalization of $1.48 billion, a P/E ratio of -11.37 and a beta of 3.66. The company’s 50 day simple moving average is $100.58 and its two-hundred day simple moving average is $94.95. The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07.

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). As a group, equities analysts expect that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other Inhibrx Biosciences news, Director Jon Kayyem acquired 5,000 shares of Inhibrx Biosciences stock in a transaction on Wednesday, September 16th. The shares were bought at an average price of $100.00 per share, with a total value of $500,000.00. Following the completion of the purchase, the director owned 429,360 shares in the company, valued at $42,936,000. This trade represents a 1.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Douglas Forsyth purchased 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was acquired at an average cost of $114.65 per share, with a total value of $286,625.00. Following the completion of the acquisition, the director directly owned 227,064 shares of the company’s stock, valued at $26,032,887.60. The trade was a 1.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 37,500 shares of company stock worth $3,999,725 and sold 1,500 shares worth $168,590. 18.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of INBX. Integrated Wealth Concepts LLC bought a new stake in Inhibrx Biosciences during the second quarter worth $31,000. Quantbot Technologies LP acquired a new position in shares of Inhibrx Biosciences during the 2nd quarter worth about $68,000. Janney Montgomery Scott LLC raised its holdings in shares of Inhibrx Biosciences by 16.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,406 shares of the company’s stock valued at $431,000 after purchasing an additional 911 shares during the period. State of Wyoming acquired a new stake in Inhibrx Biosciences in the 2nd quarter valued at about $116,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Inhibrx Biosciences by 51.8% during the first quarter. The Manufacturers Life Insurance Company now owns 4,228 shares of the company’s stock worth $284,000 after purchasing an additional 1,443 shares during the period. 82.46% of the stock is currently owned by institutional investors.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing biologic medicines for serious diseases with limited treatment options. The company uses a proprietary protein-engineering platform to design novel therapeutic proteins, including multivalent and long-acting biologics intended to selectively affect disease-related biological pathways.

Inhibrx’s development programs have included INBRX-101, also known as efzofitimod, an engineered fibroblast growth factor 1 intended for the treatment of alpha-1 antitrypsin deficiency-associated emphysema and other inflammatory lung conditions.