Inhibrx Biosciences (NASDAQ:INBX) Stock Falls 25.8% – Should You Sell?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price dropped 25.8% on Wednesday. The company traded as low as $70.09 and last traded at $71.0020. 683,493 shares were traded during mid-day trading, an increase of 120% from the average daily volume of 311,010 shares. The stock had previously closed at $95.66.

Wall Street Analyst Weigh In

Several brokerages have commented on INBX. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research report on Monday, August 24th. They issued a “buy” rating and a $245.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Friday, September 11th. 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. Finally, Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Inhibrx Biosciences has an average rating of “Moderate Buy” and an average price target of $197.50.

Inhibrx Biosciences Stock Down 2.5%

The firm’s 50-day moving average price is $102.89 and its 200-day moving average price is $91.62. The company has a market cap of $1.06 billion, a P/E ratio of -8.08 and a beta of 3.81.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing the consensus estimate of ($2.28) by ($0.06). As a group, analysts forecast that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Mark Lappe acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were bought at an average cost of $105.82 per share, for a total transaction of $2,645,500.00. Following the purchase, the chief executive officer owned 730,548 shares in the company, valued at $77,306,589.36. This trade represents a 3.54% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jon Kayyem bought 5,000 shares of the business’s stock in a transaction on Tuesday, September 8th. The stock was bought at an average price of $113.52 per share, with a total value of $567,600.00. Following the purchase, the director owned 424,360 shares in the company, valued at $48,173,347.20. This trade represents a 1.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 62,540 shares of company stock valued at $6,347,507 and have sold 1,500 shares valued at $168,590. 18.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Inhibrx Biosciences

Several hedge funds have recently bought and sold shares of the company. Bank of America Corp DE bought a new position in Inhibrx Biosciences in the 2nd quarter worth about $79,698,000. BlackRock Inc. purchased a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at about $78,261,000. Parkman Healthcare Partners LLC bought a new stake in shares of Inhibrx Biosciences during the 2nd quarter valued at about $24,346,000. Jefferies Financial Group Inc. purchased a new position in shares of Inhibrx Biosciences during the second quarter worth about $6,956,000. Finally, SummitTX Capital L.P. grew its holdings in shares of Inhibrx Biosciences by 66.3% during the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company’s stock worth $9,266,000 after purchasing an additional 54,936 shares in the last quarter. Hedge funds and other institutional investors own 82.46% of the company’s stock.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a biotechnology company focused on developing biologic medicines for serious and rare diseases. The company uses its proprietary protein-engineering and antibody-development platforms to create therapies designed to address conditions with limited treatment options.

Its lead investigational program was INBRX-101, an engineered recombinant protein developed for alpha-1 antitrypsin deficiency-associated lung disease. The company also advanced other potential treatments, including INBRX-109, an investigational therapy studied in certain solid tumors, and additional biologic candidates targeting oncology and other serious diseases.