Inhibrx Biosciences (NASDAQ:INBX) Shares Up 6.6% – Time to Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares shot up 6.6% during mid-day trading on Tuesday . The company traded as high as $80.43 and last traded at $81.2290. 131,123 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 178,324 shares. The stock had previously closed at $76.21.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on INBX. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Wednesday, November 19th. JMP Securities reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, August 22nd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Inhibrx Biosciences in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Up 2.7%

The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 2.71. The stock has a 50 day simple moving average of $71.08 and a 200 day simple moving average of $39.71. The firm has a market capitalization of $1.24 billion, a PE ratio of -8.51 and a beta of 1.18.

Inhibrx Biosciences (NASDAQ:INBX) last issued its earnings results on Thursday, November 13th. The company reported ($2.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.94) by $0.66. As a group, sell-side analysts forecast that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current year.

Insider Transactions at Inhibrx Biosciences

In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the business’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $32.25, for a total value of $11,287,500.00. Following the transaction, the insider owned 67,018 shares in the company, valued at approximately $2,161,330.50. The trade was a 83.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Sofinnova Investments Inc. grew its position in shares of Inhibrx Biosciences by 1.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 708,678 shares of the company’s stock worth $10,113,000 after buying an additional 10,762 shares during the last quarter. Woodline Partners LP purchased a new position in Inhibrx Biosciences during the 1st quarter valued at $5,015,000. Millennium Management LLC increased its position in Inhibrx Biosciences by 8.0% during the 3rd quarter. Millennium Management LLC now owns 297,820 shares of the company’s stock valued at $10,031,000 after purchasing an additional 22,042 shares during the period. Caligan Partners LP bought a new position in Inhibrx Biosciences in the 3rd quarter worth $7,961,000. Finally, Acadian Asset Management LLC lifted its position in shares of Inhibrx Biosciences by 34.2% in the 1st quarter. Acadian Asset Management LLC now owns 192,498 shares of the company’s stock worth $2,689,000 after purchasing an additional 49,023 shares during the period. Hedge funds and other institutional investors own 82.46% of the company’s stock.

Inhibrx Biosciences Company Profile

Inhibrx, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of novel biologic therapeutic candidates. The company's therapeutic candidate includes INBRX-101, an alpha-1 antitrypsin (AAT)-Fc fusion protein therapeutic candidate, which is in Phase 1 clinical trials for use in the treatment of patients with AAT deficiency.