Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 6.6% – Here’s Why

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) dropped 6.6% on Tuesday . The stock traded as low as $59.98 and last traded at $60.39. Approximately 53,392 shares traded hands during trading, a decline of 72% from the average daily volume of 191,122 shares. The stock had previously closed at $64.63.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Inhibrx Biosciences has an average rating of “Reduce”.

Inhibrx Biosciences Stock Performance

The company has a debt-to-equity ratio of 12.58, a quick ratio of 3.93 and a current ratio of 3.93. The stock has a 50 day moving average of $75.28 and a 200 day moving average of $66.30. The stock has a market capitalization of $889.53 million, a P/E ratio of -6.79 and a beta of 1.50.

Inhibrx Biosciences (NASDAQ:INBX) last posted its earnings results on Thursday, March 19th. The company reported ($2.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.08) by ($0.03). Equities analysts predict that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Persistent Asset Partners Ltd bought a new position in Inhibrx Biosciences in the 4th quarter worth about $27,000. Strs Ohio acquired a new position in shares of Inhibrx Biosciences during the first quarter worth approximately $27,000. Public Employees Retirement System of Ohio acquired a new position in shares of Inhibrx Biosciences during the third quarter worth approximately $40,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Inhibrx Biosciences by 26.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock worth $56,000 after buying an additional 147 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Inhibrx Biosciences by 71.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after buying an additional 789 shares in the last quarter. 82.46% of the stock is owned by institutional investors and hedge funds.

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.