Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 9.4% – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) was up 9.4% on Tuesday. The company traded as high as $91.99 and last traded at $92.4390. 5,193 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 313,492 shares. The stock had previously closed at $84.52.

Wall Street Analyst Weigh In

INBX has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Friday, September 11th. Wall Street Zen cut shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. HC Wainwright started coverage on 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, Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research report on Friday, September 18th. One equities research 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $197.50.

Inhibrx Biosciences Stock Performance

The stock’s 50 day moving average price is $98.20 and its 200 day moving average price is $91.88. The company has a market capitalization of $1.33 billion, a P/E ratio of -10.14 and a beta of 4.03.

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). On average, analysts expect that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current fiscal year.

Insider Activity at Inhibrx Biosciences

In other Inhibrx Biosciences news, Director Kimberly Manhard sold 500 shares of Inhibrx Biosciences stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $882,080. The trade was a 5.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas Forsyth purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was purchased at an average price of $114.65 per share, for a total transaction of $286,625.00. Following the purchase, the director owned 227,064 shares in the company, valued at $26,032,887.60. This represents a 1.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 62,540 shares of company stock worth $6,347,507 and sold 1,500 shares worth $168,590. Insiders own 18.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in INBX. HighTower Advisors LLC increased its stake in Inhibrx Biosciences by 1.6% during the 3rd quarter. HighTower Advisors LLC now owns 884,441 shares of the company’s stock valued at $88,515,000 after purchasing an additional 13,890 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in Inhibrx Biosciences by 52.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 4,299 shares of the company’s stock valued at $430,000 after buying an additional 1,481 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Inhibrx Biosciences in the 3rd quarter valued at approximately $75,000. China Universal Asset Management Co. Ltd. increased its stake in Inhibrx Biosciences by 15.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,685 shares of the company’s stock worth $281,000 after acquiring an additional 350 shares during the last quarter. Finally, Sterling Capital Management LLC raised its holdings in Inhibrx Biosciences by 380.3% in the 3rd quarter. Sterling Capital Management LLC now owns 293 shares of the company’s stock valued at $29,000 after buying an additional 232 shares during the period. 82.46% of the stock is currently owned by institutional investors.

Inhibrx Biosciences Company Profile

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.

Inhibrx Biosciences emerged in 2024 from the restructuring of its former parent, Inhibrx, Inc, following Sanofi’s acquisition of certain Inhibrx assets.