Insider Buying: Inhibrx Biosciences (NASDAQ:INBX) Director Purchases $500,000.00 in Stock

Inhibrx Biosciences, Inc. (NASDAQ:INBX) Director Jon Kayyem bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were purchased at an average cost of $100.00 per share, with a total value of $500,000.00. Following the acquisition, the director directly owned 434,360 shares of the company’s stock, valued at approximately $43,436,000. This trade represents a 1.16% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Jon Faiz Kayyem also recently made the following trade(s):

• On Wednesday, September 16th, Jon Kayyem purchased 5,000 shares of Inhibrx Biosciences stock. The stock was acquired at an average price of $100.00 per share, for a total transaction of $500,000.00.
• On Tuesday, September 8th, Jon Kayyem purchased 5,000 shares of Inhibrx Biosciences stock. The shares were acquired at an average cost of $113.52 per share, with a total value of $567,600.00.

Inhibrx Biosciences Stock Performance

NASDAQ INBX traded down $10.34 on Wednesday, hitting $100.33. 375,301 shares of the company’s stock traded hands, compared to its average volume of 320,827. 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, Inc. has a 1-year low of $28.16 and a 1-year high of $155.29. The firm’s 50-day moving average price is $100.58 and its two-hundred day moving average price is $94.95. The firm has a market capitalization of $1.48 billion, a PE ratio of -11.30 and a beta of 3.66.

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

Wall Street Analyst Weigh In

Several research firms have commented on INBX. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. HC Wainwright assumed coverage on Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. Finally, Wall Street Zen downgraded Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $197.50.

Hedge Funds Weigh In On Inhibrx Biosciences

A number of large investors have recently bought and sold shares of the business. Opaleye Management Inc. purchased a new position in Inhibrx Biosciences during the second quarter worth approximately $1,923,000. Tidal Investments LLC purchased a new stake in shares of Inhibrx Biosciences in the second quarter valued at approximately $964,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Inhibrx Biosciences in the second quarter valued at approximately $31,000. NINE MASTS CAPITAL Ltd purchased a new stake in shares of Inhibrx Biosciences in the second quarter valued at approximately $284,000. Finally, Harvest Management LLC acquired a new position in shares of Inhibrx Biosciences during the 2nd quarter worth approximately $246,000. Institutional investors and hedge funds own 82.46% of the company’s stock.

Inhibrx Biosciences Company Profile

Inhibrx Biosciences, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing biologic medicines for serious diseases with limited treatment options. The company uses a proprietary protein-engineering platform to design novel therapeutic proteins, including multivalent and long-acting biologics intended to selectively affect disease-related biological pathways.

Inhibrx’s development programs have included INBRX-101, also known as efzofitimod, an engineered fibroblast growth factor 1 intended for the treatment of alpha-1 antitrypsin deficiency-associated emphysema and other inflammatory lung conditions.