Inhibrx Biosciences, Inc. (NASDAQ:INBX) Stock Has Consensus Price Target of $197.50

Inhibrx Biosciences, Inc. (NASDAQ:INBX) has earned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $197.50.

A number of brokerages have recently commented on INBX. Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. HC Wainwright initiated coverage on Inhibrx Biosciences in a research report on Monday, August 24th. They set a “buy” rating and a $245.00 price target on the stock. Wall Street Zen cut Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th.

Insider Activity

In other Inhibrx Biosciences news, Director Douglas Forsyth purchased 2,500 shares of the stock in a transaction on Tuesday, September 8th. The stock was acquired at an average price of $114.65 per share, with a total value of $286,625.00. Following the transaction, the director directly owned 227,064 shares of the company’s stock, valued at approximately $26,032,887.60. This trade represents a 1.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kimberly Manhard sold 500 shares of Inhibrx Biosciences stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $110.26, for a total value of $55,130.00. Following the completion of the sale, the director owned 8,000 shares in the company, valued at approximately $882,080. This represents a 5.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders bought 62,540 shares of company stock valued at $6,347,507 and sold 1,500 shares valued at $168,590. Insiders own 18.26% of the company’s stock.

Institutional Trading of Inhibrx Biosciences

A number of hedge funds have recently modified their holdings of the business. Bank of America Corp DE purchased a new stake in Inhibrx Biosciences during the 2nd quarter valued at about $79,698,000. BlackRock Inc. bought a new stake in shares of Inhibrx Biosciences during the second quarter valued at approximately $78,261,000. Parkman Healthcare Partners LLC purchased a new position in Inhibrx Biosciences in the 2nd quarter worth approximately $24,346,000. SummitTX Capital L.P. raised its holdings in 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 during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in Inhibrx Biosciences during the 2nd quarter valued at $6,956,000. Institutional investors own 82.46% of the company’s stock.

Inhibrx Biosciences Stock Up 12.4%

Shares of NASDAQ INBX opened at $81.08 on Wednesday. Inhibrx Biosciences has a one year low of $57.30 and a one year high of $155.29. The business’s fifty day moving average price is $101.24 and its 200-day moving average price is $91.62.

Inhibrx Biosciences (NASDAQ:INBX) last announced its quarterly 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 anticipate that Inhibrx Biosciences will post -9.91 EPS for the current fiscal year.

Inhibrx Biosciences Company Profile

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.