Inhibrx Biosciences (NASDAQ:INBX) Trading Down 5% – Here’s Why

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price was down 5% on Tuesday . The stock traded as low as $89.02 and last traded at $88.85. Approximately 40,454 shares traded hands during trading, a decline of 77% from the average daily volume of 176,664 shares. The stock had previously closed at $93.51.

Analysts Set New Price Targets

Several research firms have recently commented on INBX. Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Wednesday, November 19th. Wall Street Zen raised shares of Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. Weiss Ratings reissued a “sell (d)” rating on shares of Inhibrx Biosciences in a research report on Wednesday, October 8th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, August 22nd. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Inhibrx Biosciences presently has a consensus rating of “Reduce”.

Inhibrx Biosciences Price Performance

The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -8.79 and a beta of 1.18. The company’s 50-day simple moving average is $63.37 and its 200-day simple moving average is $36.17. The company has a debt-to-equity ratio of 2.71, a current ratio of 4.49 and a quick ratio of 4.49.

Inhibrx Biosciences (NASDAQ:INBX) last announced its earnings results on Thursday, November 13th. The company reported ($2.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.94) by $0.66. Research analysts forecast that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current fiscal year.

Insider Activity at Inhibrx Biosciences

In related news, major shareholder Global Investors Lp Viking sold 350,000 shares of the firm’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $32.25, for a total transaction of $11,287,500.00. Following the transaction, the insider directly owned 67,018 shares of the company’s stock, valued at approximately $2,161,330.50. This trade represents a 83.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Strs Ohio bought a new stake in shares of Inhibrx Biosciences in the first quarter valued at approximately $27,000. Public Employees Retirement System of Ohio acquired a new position in Inhibrx Biosciences in the 3rd quarter valued at $40,000. BNP Paribas Financial Markets lifted its position in shares of Inhibrx Biosciences by 71.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock valued at $64,000 after acquiring an additional 789 shares during the period. Bank of America Corp DE grew its holdings in shares of Inhibrx Biosciences by 19.2% during the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock worth $130,000 after purchasing an additional 1,469 shares in the last quarter. Finally, Bluefin Capital Management LLC acquired a new stake in shares of Inhibrx Biosciences during the 1st quarter worth $160,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

Inhibrx Biosciences Company Profile

Inhibrx, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of novel biologic therapeutic candidates. The company's therapeutic candidate includes INBRX-101, an alpha-1 antitrypsin (AAT)-Fc fusion protein therapeutic candidate, which is in Phase 1 clinical trials for use in the treatment of patients with AAT deficiency.