Insider Buying: Inhibrx Biosciences (NASDAQ:INBX) CEO Acquires $2,645,500.00 in Stock

Inhibrx Biosciences, Inc. (NASDAQ:INBX) CEO Mark Lappe purchased 25,000 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was acquired at an average price of $105.82 per share, with a total value of $2,645,500.00. Following the purchase, the chief executive officer owned 730,548 shares of the company’s stock, valued at approximately $77,306,589.36. This represents a 3.54% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Inhibrx Biosciences Trading Down 1.3%

INBX opened at $111.42 on Friday. Inhibrx Biosciences, Inc. has a 12 month low of $26.19 and a 12 month high of $155.29. The stock has a market capitalization of $1.64 billion, a price-to-earnings 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. The business has a fifty day moving average price of $98.80 and a 200 day moving average price of $93.20.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in INBX. Persistent Asset Partners Ltd bought a new position in shares of Inhibrx Biosciences during the fourth quarter worth about $27,000. Strs Ohio bought a new stake in shares of Inhibrx Biosciences in the 1st quarter worth approximately $27,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Inhibrx Biosciences during the 2nd quarter valued at $31,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Inhibrx Biosciences during the third quarter valued at $40,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Inhibrx Biosciences by 71.9% in the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after buying an additional 789 shares during the period. Institutional investors and hedge funds own 82.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on INBX. HC Wainwright assumed coverage on shares of Inhibrx Biosciences in a report on Monday, August 24th. They set a “buy” rating and a $245.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research note on Thursday, August 27th. Finally, Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $197.50.

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.