Inhibrx Biosciences (NASDAQ:INBX) Hits New 1-Year High – Should You Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) hit a new 52-week high during trading on Monday . The company traded as high as $94.57 and last traded at $91.65, with a volume of 68675 shares traded. The stock had previously closed at $86.13.

Wall Street Analysts Forecast Growth

INBX has been the subject of several recent analyst reports. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Inhibrx Biosciences has a consensus rating of “Reduce”.

Inhibrx Biosciences Price Performance

The company has a debt-to-equity ratio of 2.71, a current ratio of 4.49 and a quick ratio of 4.49. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -7.90 and a beta of 1.18. The business’s 50-day simple moving average is $74.95 and its two-hundred day simple moving average is $41.84.

Inhibrx Biosciences (NASDAQ:INBX) last announced its quarterly 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. Research analysts expect that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current year.

Insiders Place Their Bets

In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the company’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $32.25, for a total value of $11,287,500.00. Following the completion of the transaction, the insider owned 67,018 shares of the company’s stock, valued at $2,161,330.50. This represents a 83.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Institutional Trading of Inhibrx Biosciences

A number of hedge funds have recently made changes to their positions in INBX. Woodline Partners LP acquired a new stake in Inhibrx Biosciences during the 1st quarter worth approximately $5,015,000. Bluefin Capital Management LLC acquired a new position in Inhibrx Biosciences in the 1st quarter valued at approximately $160,000. Kennedy Capital Management LLC increased its position in Inhibrx Biosciences by 7.5% in the 2nd quarter. Kennedy Capital Management LLC now owns 177,318 shares of the company’s stock valued at $2,530,000 after acquiring an additional 12,342 shares during the period. Ethic Inc. bought a new position in shares of Inhibrx Biosciences during the second quarter valued at $227,000. Finally, Mark Asset Management LP acquired a new position in shares of Inhibrx Biosciences during the second quarter worth $243,000. 82.46% of the stock is owned by institutional investors and hedge funds.

About Inhibrx Biosciences

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.