Inhibrx Biosciences (NASDAQ:INBX) Trading 8% Higher – Time to Buy?

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) rose 8% on Thursday . The stock traded as high as $105.98 and last traded at $104.8740. Approximately 246,618 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 326,625 shares. The stock had previously closed at $97.10.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Zacks Research upgraded Inhibrx Biosciences to a “hold” rating in a research report on Thursday, April 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Lifesci Capital upgraded Inhibrx Biosciences to a “strong-buy” rating in a research note on Friday, April 24th. Stifel Nicolaus initiated coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They set a “buy” rating and a $150.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Inhibrx Biosciences currently has a consensus rating of “Hold” and a consensus price target of $150.00.

Inhibrx Biosciences Trading Down 10.4%

The company’s fifty day moving average price is $102.47 and its two-hundred day moving average price is $86.62. The company has a quick ratio of 6.46, a current ratio of 6.46 and a debt-to-equity ratio of 12.58. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -11.09 and a beta of 3.41.

Inhibrx Biosciences (NASDAQ:INBX) last announced its earnings results on Thursday, May 14th. The company reported ($2.15) EPS for the quarter, missing the consensus estimate of ($1.68) by ($0.47). Research analysts expect that Inhibrx Biosciences, Inc. will post -10.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Persistent Asset Partners Ltd acquired a new position in Inhibrx Biosciences during the 4th quarter worth about $27,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Inhibrx Biosciences by 26.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock worth $56,000 after purchasing an additional 147 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Inhibrx Biosciences in the fourth quarter valued at approximately $66,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Inhibrx Biosciences in the third quarter valued at approximately $40,000. Finally, Diadema Partners LP bought a new position in Inhibrx Biosciences in the 4th quarter worth approximately $103,000. 82.46% of the stock is owned by institutional investors.

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.