Inhibrx Biosciences (NASDAQ:INBX) Posts Earnings Results, Misses Expectations By $0.01 EPS

Inhibrx Biosciences (NASDAQ:INBX) announced its quarterly earnings results on Friday. The company reported ($2.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.45) by ($0.01), FiscalAI reports. The company had revenue of $2.00 million during the quarter, compared to analyst estimates of $1.90 million.

Inhibrx Biosciences Stock Down 5.1%

NASDAQ INBX traded down $4.45 on Friday, hitting $83.30. The stock had a trading volume of 245,896 shares, compared to its average volume of 298,318. Inhibrx Biosciences has a one year low of $57.30 and a one year high of $155.29. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -9.38 and a beta of 4.03. The company’s 50-day moving average is $95.27 and its two-hundred day moving average is $92.14.

Analysts Set New Price Targets

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

Insider Buying and Selling at Inhibrx Biosciences

In other Inhibrx Biosciences news, CEO Mark Lappe acquired 10,040 shares of the firm’s stock in a transaction that occurred on Wednesday, October 14th. The stock was acquired at an average cost of $84.56 per share, with a total value of $848,982.40. Following the acquisition, the chief executive officer directly owned 745,588 shares of the company’s stock, valued at $63,046,921.28. This represents a 1.36% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kimberly Manhard sold 500 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $110.26, for a total value of $55,130.00. Following the completion of the transaction, the director directly owned 8,000 shares of the company’s stock, valued at $882,080. This trade represents a 5.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have bought 62,540 shares of company stock worth $6,347,507 and have sold 1,500 shares worth $168,590. 18.26% of the stock is owned by company insiders.

Inhibrx Biosciences Company Profile

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.