Inhibrx Biosciences (NASDAQ:INBX) Shares Down 6.8% – Here’s What Happened

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s share price dropped 6.8% on Friday . The company traded as low as $76.01 and last traded at $76.5050. Approximately 97,486 shares changed hands during trading, a decline of 49% from the average daily volume of 190,540 shares. The stock had previously closed at $82.11.

Analyst Upgrades and Downgrades

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

Inhibrx Biosciences Trading Down 7.5%

The firm has a fifty day moving average of $79.26 and a 200-day moving average of $56.51. The company has a debt-to-equity ratio of 2.71, a quick ratio of 4.49 and a current ratio of 4.49. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -7.58 and a beta of 1.35.

Inhibrx Biosciences (NASDAQ:INBX) last issued its earnings results on Thursday, November 13th. The company reported ($2.28) earnings per share for the quarter, topping the consensus estimate of ($2.94) by $0.66. As a group, equities analysts predict that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Inhibrx Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INBX. Mirae Asset Global Investments Co. Ltd. grew its stake 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 valued at $56,000 after acquiring an additional 147 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of Inhibrx Biosciences by 1.3% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 22,883 shares of the company’s stock valued at $1,808,000 after purchasing an additional 299 shares in the last quarter. BNP Paribas Financial Markets boosted its stake 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 buying an additional 789 shares during the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of Inhibrx Biosciences in the fourth quarter worth $66,000. Finally, Public Employees Retirement System of Ohio bought a new position in Inhibrx Biosciences during the 3rd quarter valued at $40,000. 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.