Inhibrx Biosciences, Inc. (NASDAQ:INBX) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) have received an average recommendation of “Moderate Buy” from the six analysts that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $197.50.

Several analysts recently issued reports on the stock. Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Thursday, August 27th. Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. HC Wainwright assumed coverage on Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th.

Inhibrx Biosciences Stock Performance

INBX opened at $121.17 on Tuesday. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -13.65 and a beta of 3.66. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 12.58. Inhibrx Biosciences has a twelve month low of $26.19 and a twelve month high of $155.29. The company has a 50-day simple moving average of $97.77 and a 200 day simple moving average of $92.51.

Inhibrx Biosciences (NASDAQ:INBX) last released its earnings results on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing the consensus estimate of ($2.28) by ($0.06). Analysts predict that Inhibrx Biosciences will post -9.91 EPS for the current fiscal year.

Institutional Trading of Inhibrx Biosciences

Several institutional investors and hedge funds have recently modified their holdings of INBX. Western Standard LLC bought a new position in Inhibrx Biosciences in the second quarter valued at about $4,453,000. Nicholas Investment Partners LP bought a new position in shares of Inhibrx Biosciences in the second quarter worth about $2,032,000. Parkman Healthcare Partners LLC bought a new position in shares of Inhibrx Biosciences in the second quarter worth about $24,346,000. SummitTX Capital L.P. boosted its stake 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 valued at $9,266,000 after purchasing an additional 54,936 shares in the last quarter. Finally, BlackRock Inc. acquired a new stake in shares of Inhibrx Biosciences in the 2nd quarter valued at approximately $78,261,000. 82.46% of the stock is currently owned by institutional investors.

About Inhibrx Biosciences

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.