Inhibrx Biosciences (NASDAQ:INBX) Shares Up 11.6% – Still a Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) rose 11.6% during trading on Tuesday. The stock traded as high as $80.77 and last traded at $80.5440. 120,094 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 312,897 shares. The stock had previously closed at $72.16.

Analyst Upgrades and Downgrades

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

Inhibrx Biosciences Trading Up 13.2%

The firm has a market capitalization of $1.20 billion, a PE ratio of -9.20 and a beta of 3.81. The stock’s 50 day moving average price is $101.71 and its two-hundred day moving average price is $91.60.

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

Insider Buying and Selling

In other news, CEO Mark Lappe bought 10,040 shares of Inhibrx Biosciences stock in a transaction on Wednesday, October 14th. The shares were bought at an average cost of $84.56 per share, for a total transaction of $848,982.40. Following the acquisition, the chief executive officer owned 745,588 shares in the company, valued at approximately $63,046,921.28. This trade represents a 1.36% increase in their ownership of the stock. The transaction 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 Monday, September 14th. The stock was sold at an average price of $110.26, for a total transaction of $55,130.00. Following the sale, the director directly owned 8,000 shares in the company, valued at $882,080. This represents a 5.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders purchased 62,540 shares of company stock worth $6,347,507 and sold 1,500 shares worth $168,590. 18.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Inhibrx Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC boosted its position in Inhibrx Biosciences by 52.6% during the third quarter. Commonwealth Equity Services LLC now owns 4,299 shares of the company’s stock worth $430,000 after acquiring an additional 1,481 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Inhibrx Biosciences in the 3rd quarter valued at $75,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Inhibrx Biosciences by 15.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,685 shares of the company’s stock worth $281,000 after purchasing an additional 350 shares during the period. Sterling Capital Management LLC lifted its stake in shares of Inhibrx Biosciences by 380.3% during the 3rd quarter. Sterling Capital Management LLC now owns 293 shares of the company’s stock worth $29,000 after purchasing an additional 232 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Inhibrx Biosciences by 10,888.2% during the third quarter. Farther Finance Advisors LLC now owns 1,868 shares of the company’s stock worth $187,000 after purchasing an additional 1,851 shares during the last quarter. Hedge funds and other institutional investors own 82.46% of the company’s stock.

Inhibrx Biosciences Company Profile

Inhibrx Biosciences, Inc is a biotechnology company focused on developing biologic medicines for serious and rare diseases. The company uses its proprietary protein-engineering and antibody-development platforms to create therapies designed to address conditions with limited treatment options.

Its lead investigational program was INBRX-101, an engineered recombinant protein developed for alpha-1 antitrypsin deficiency-associated lung disease. The company also advanced other potential treatments, including INBRX-109, an investigational therapy studied in certain solid tumors, and additional biologic candidates targeting oncology and other serious diseases.