5,138 Shares in Inhibrx Biosciences, Inc. $INBX Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,138 shares of the company’s stock, valued at approximately $487,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of INBX. Strs Ohio acquired a new stake in shares of Inhibrx Biosciences during the first quarter worth approximately $27,000. Russell Investments Group Ltd. grew its stake in Inhibrx Biosciences by 11.0% in the second quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock worth $428,000 after purchasing an additional 2,963 shares in the last quarter. Invesco Ltd. bought a new stake in Inhibrx Biosciences in the second quarter valued at about $193,000. Bank of America Corp DE raised its stake in Inhibrx Biosciences by 19.2% during the second quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock valued at $130,000 after buying an additional 1,469 shares in the last quarter. Finally, Bridgeway Capital Management LLC bought a new position in Inhibrx Biosciences during the 2nd quarter worth approximately $235,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on INBX. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a report on Thursday, August 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. HC Wainwright began coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 price objective on the stock. Finally, Wall Street Zen lowered Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $197.50.

Insiders Place Their Bets

In other news, Director Douglas Forsyth purchased 2,500 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was purchased at an average cost of $114.65 per share, with a total value of $286,625.00. Following the purchase, the director owned 227,064 shares in the company, valued at $26,032,887.60. This trade represents a 1.11% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jon Kayyem acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, September 8th. The stock was purchased at an average cost of $113.52 per share, for a total transaction of $567,600.00. Following the purchase, the director directly owned 424,360 shares in the company, valued at approximately $48,173,347.20. This represents a 1.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 32,500 shares of company stock worth $3,499,725. 18.26% of the stock is owned by corporate insiders.

Inhibrx Biosciences Stock Performance

Shares of NASDAQ INBX opened at $114.34 on Wednesday. Inhibrx Biosciences, Inc. has a 12-month low of $26.19 and a 12-month high of $155.29. The company has a market cap of $1.68 billion, a PE ratio of -12.88 and a beta of 3.66. The stock has a 50 day simple moving average of $98.17 and a 200-day simple moving average of $92.74. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 12.58.

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

Key Inhibrx Biosciences News

Here are the key news stories impacting Inhibrx Biosciences this week:

• Positive Sentiment: Promising Phase 2 cancer data: INBRX-106 combined with Merck’s pembrolizumab produced a 48.3% confirmed overall response rate versus 26.5% for pembrolizumab alone in first-line head and neck cancer. Interim median progression-free survival was 9.6 months, and 72.4% of combination-treatment patients remained progression-free at six months versus 42.8% with pembrolizumab alone. Inhibrx Phase 2 HNSCC study results
• Positive Sentiment: Particularly strong HPV-positive results: In this subgroup, the combination achieved an 80% response rate versus 33.3% for pembrolizumab alone, a 30% complete-response rate versus 0%, and a substantial improvement in six-month progression-free survival. Reuters reported that the treatment reduced tumors in the mid-stage study. Reuters report on Inhibrx cancer study
• Positive Sentiment: Insider buying supports sentiment: CEO Mark Lappe purchased 25,000 shares for approximately $2.65 million, while directors Jon Kayyem and Douglas Forsyth bought 5,000 and 2,500 shares, respectively. The purchases increase confidence among some investors that management views the valuation and clinical outlook favorably. CEO insider purchase filing
• Neutral Sentiment: Further testing remains necessary: Inhibrx plans to expand the Phase 2 study by roughly 50 HPV-positive patients and may pursue an accelerated-approval pathway. However, the results are still mid-stage, and regulatory approval and commercial success are not guaranteed.

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.