Inhibrx Biosciences (NASDAQ:INBX) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Inhibrx Biosciences (NASDAQ:INBX) announced its quarterly earnings data on Friday. The company reported ($2.46) EPS for the quarter, missing the consensus estimate of ($2.45) by ($0.01), FiscalAI reports. The company had revenue of $2.00 million for the quarter, compared to the consensus estimate of $1.90 million.

Inhibrx Biosciences Stock Performance

Shares of NASDAQ:INBX traded down $4.45 during midday trading on Friday, reaching $83.30. 245,896 shares of the company’s stock traded hands, compared to its average volume of 298,318. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -9.38 and a beta of 4.03. Inhibrx Biosciences has a one year low of $57.30 and a one year high of $155.29. The stock has a 50 day moving average of $95.27 and a 200 day moving average of $92.14.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on INBX shares. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a report on Monday, August 24th. They issued a “buy” rating and a $245.00 target price for the company. Wall Street Zen cut shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $197.50.

Insider Activity at Inhibrx Biosciences

In other Inhibrx Biosciences news, CEO Mark Lappe bought 10,040 shares of the firm’s stock in a transaction on Wednesday, October 14th. The stock was acquired at an average price of $84.56 per share, with a total value of $848,982.40. Following the transaction, the chief executive officer owned 745,588 shares in the company, valued at $63,046,921.28. This represents a 1.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jon Kayyem bought 5,000 shares of the stock in a transaction on Wednesday, September 23rd. The shares were bought at an average price of $100.00 per share, for a total transaction of $500,000.00. Following the purchase, the director directly owned 434,360 shares in the company, valued at approximately $43,436,000. This trade represents a 1.16% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 62,540 shares of company stock valued at $6,347,507 and have sold 1,500 shares valued at $168,590. 18.26% of the stock is currently owned by insiders.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc. is a U.S.-based biopharmaceutical company focused on developing biologic medicines for cancer and other serious diseases. Its research uses protein engineering to create investigational therapies designed to engage specific targets in the body. The company’s oncology pipeline has included INBRX-109, an antibody designed to activate the DR5 receptor and studied for chondrosarcoma, and INBRX-106, an investigational OX40-targeting antibody. These candidates are experimental and are not approved medicines.