The Manufacturers Life Insurance Company Invests $399,000 in Inhibrx Biosciences, Inc. $INBX

The Manufacturers Life Insurance Company bought a new stake in Inhibrx Biosciences, Inc. (NASDAQ:INBX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,206 shares of the company’s stock, valued at approximately $399,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd purchased a new stake in Inhibrx Biosciences during the fourth quarter worth approximately $27,000. Quantbot Technologies LP purchased a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at $68,000. BNP Paribas Financial Markets lifted its holdings 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 in the last quarter. Daiwa Securities Group Inc. acquired a new position in shares of Inhibrx Biosciences during the 4th quarter valued at $66,000. Finally, Janney Montgomery Scott LLC boosted its position in Inhibrx Biosciences by 16.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,406 shares of the company’s stock worth $431,000 after purchasing an additional 911 shares during the period. Hedge funds and other institutional investors own 82.46% of the company’s stock.

Inhibrx Biosciences Price Performance

Shares of Inhibrx Biosciences stock opened at $121.17 on Tuesday. Inhibrx Biosciences, Inc. has a 1-year low of $26.19 and a 1-year high of $155.29. The company has a market capitalization of $1.78 billion, a PE ratio of -13.65 and a beta of 3.66. The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07. The business has a 50-day moving average of $97.77 and a 200-day moving average of $92.51.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06). As a group, equities analysts forecast that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a report on Thursday, August 27th. Wall Street Zen downgraded Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. Finally, HC Wainwright initiated coverage on Inhibrx Biosciences in a report on Monday, August 24th. They set a “buy” rating and a $245.00 target price on the stock. One equities research 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 MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $197.50.

Inhibrx Biosciences 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.