Inhibrx Biosciences (NASDAQ:INBX) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Inhibrx Biosciences (NASDAQ:INBX) posted its earnings results on Thursday. The company reported ($2.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.08) by ($0.03), FiscalAI reports.

Inhibrx Biosciences Price Performance

NASDAQ:INBX traded down $3.82 during trading hours on Thursday, reaching $64.87. 183,928 shares of the company were exchanged, compared to its average volume of 184,538. 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 firm has a market cap of $943.21 million, a PE ratio of -6.47 and a beta of 1.50. Inhibrx Biosciences has a twelve month low of $10.81 and a twelve month high of $94.57. The stock’s 50-day moving average is $75.74 and its 200-day moving average is $65.28.

Wall Street Analyst Weigh In

INBX has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Inhibrx Biosciences has an average rating of “Reduce”.

Institutional Trading of Inhibrx Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio purchased a new position in Inhibrx Biosciences in the 1st quarter valued at about $27,000. Russell Investments Group Ltd. increased its stake in Inhibrx Biosciences by 11.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock worth $428,000 after buying an additional 2,963 shares in the last quarter. Invesco Ltd. purchased a new stake in Inhibrx Biosciences during the 2nd quarter worth approximately $193,000. Bank of America Corp DE raised its holdings in shares of Inhibrx Biosciences by 19.2% during the second quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock valued at $130,000 after acquiring an additional 1,469 shares during the last quarter. Finally, Bridgeway Capital Management LLC acquired a new position in shares of Inhibrx Biosciences during the second quarter valued at approximately $235,000. Hedge funds and other institutional investors own 82.46% of the company’s stock.

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.