Inhibrx Biosciences (NASDAQ:INBX) Stock Jumps 9.4% – Still a Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price rose 9.4% during mid-day trading on Tuesday. The company traded as high as $91.99 and last traded at $92.4390. 5,193 shares changed hands during trading, a decline of 98% from the average daily volume of 313,492 shares. The stock had previously closed at $84.52.

Wall Street Analysts Forecast Growth

INBX has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Friday, September 11th. HC Wainwright started coverage on Inhibrx Biosciences in a report on Monday, August 24th. They issued a “buy” rating and a $245.00 price objective for the company. Wall Street Zen lowered shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.50.

Inhibrx Biosciences Trading Down 0.0%

The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -10.20 and a beta of 4.03. The firm’s 50 day simple moving average is $96.79 and its 200-day simple moving average is $92.02.

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

Insider Activity

In other news, CEO Mark Lappe purchased 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was purchased at an average cost of $105.82 per share, with a total value of $2,645,500.00. Following the completion of the acquisition, the chief executive officer directly owned 730,548 shares of the company’s stock, valued at approximately $77,306,589.36. This trade represents a 3.54% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kimberly Manhard sold 500 shares of Inhibrx Biosciences stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $110.26, for a total value of $55,130.00. Following the completion of the sale, the director directly owned 8,000 shares in the company, valued at $882,080. This represents a 5.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders bought 62,540 shares of company stock valued at $6,347,507 and sold 1,500 shares valued at $168,590. Corporate insiders own 18.26% of the company’s stock.

Institutional Trading of Inhibrx Biosciences

Several hedge funds have recently modified their holdings of INBX. HighTower Advisors LLC grew its holdings in Inhibrx Biosciences by 1.6% during the third quarter. HighTower Advisors LLC now owns 884,441 shares of the company’s stock worth $88,515,000 after acquiring an additional 13,890 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Inhibrx Biosciences by 52.6% in the third quarter. Commonwealth Equity Services LLC now owns 4,299 shares of the company’s stock valued at $430,000 after acquiring an additional 1,481 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Inhibrx Biosciences during the 3rd quarter worth $75,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Inhibrx Biosciences by 15.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,685 shares of the company’s stock worth $281,000 after purchasing an additional 350 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its position in shares of Inhibrx Biosciences by 380.3% during the 3rd quarter. Sterling Capital Management LLC now owns 293 shares of the company’s stock worth $29,000 after purchasing an additional 232 shares in the last quarter. 82.46% of the stock is owned by institutional investors and hedge funds.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc. is a U.S.-based biopharmaceutical company focused on developing biologic medicines for cancer and other serious diseases. Its research uses protein engineering to create investigational therapies designed to engage specific targets in the body. The company’s oncology pipeline has included INBRX-109, an antibody designed to activate the DR5 receptor and studied for chondrosarcoma, and INBRX-106, an investigational OX40-targeting antibody. These candidates are experimental and are not approved medicines.