Opaleye Management Inc. Makes New Investment in Inhibrx Biosciences, Inc. $INBX

Opaleye Management Inc. bought a new position in Inhibrx Biosciences, Inc. (NASDAQ:INBX) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 20,291 shares of the company’s stock, valued at approximately $1,923,000.

Other institutional investors have also recently made changes to their positions in the company. Western Standard LLC purchased a new position in Inhibrx Biosciences in the second quarter worth about $4,453,000. Nicholas Investment Partners LP purchased a new stake in Inhibrx Biosciences during the second quarter valued at approximately $2,032,000. Parkman Healthcare Partners LLC bought a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at approximately $24,346,000. BlackRock Inc. bought a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at approximately $78,261,000. Finally, SummitTX Capital L.P. boosted its holdings in shares of Inhibrx Biosciences by 66.3% in the 1st quarter. SummitTX Capital L.P. now owns 137,821 shares of the company’s stock worth $9,266,000 after purchasing an additional 54,936 shares during the period. Institutional investors own 82.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on INBX shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Citigroup restated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Thursday, August 27th. 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 for the company. Finally, Wall Street Zen cut shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $197.50.

Insiders Place Their Bets

In related news, Director Douglas Forsyth purchased 2,500 shares of the business’s stock in a transaction dated Tuesday, September 8th. The shares were purchased at an average cost of $114.65 per share, for a total transaction of $286,625.00. Following the completion of the acquisition, the director owned 227,064 shares in the company, valued at approximately $26,032,887.60. This trade represents a 1.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kimberly Manhard sold 500 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $115.14, for a total transaction of $57,570.00. Following the completion of the transaction, the director directly owned 9,500 shares in the company, valued at $1,093,830. This represents a 5.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders purchased 32,500 shares of company stock worth $3,499,725. Insiders own 18.26% of the company’s stock.

Inhibrx Biosciences Stock Down 1.3%

Shares of NASDAQ:INBX opened at $111.42 on Friday. Inhibrx Biosciences, Inc. has a 1 year low of $26.19 and a 1 year high of $155.29. The business has a 50 day simple moving average of $98.80 and a two-hundred day simple moving average of $93.20. The firm has a market capitalization of $1.64 billion, a PE ratio of -12.55 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.

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

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.