Inhibrx Biosciences, Inc. (NASDAQ:INBX) Sees Large Decline in Short Interest

Inhibrx Biosciences, Inc. (NASDAQ:INBX) saw a large decline in short interest in the month of December. As of December 15th, there was short interest totaling 1,049,942 shares, a decline of 20.5% from the November 30th total of 1,321,190 shares. Currently, 7.2% of the shares of the company are short sold. Based on an average daily trading volume, of 196,978 shares, the days-to-cover ratio is presently 5.3 days. Based on an average daily trading volume, of 196,978 shares, the days-to-cover ratio is presently 5.3 days. Currently, 7.2% of the shares of the company are short sold.

Insider Transactions at Inhibrx Biosciences

In other news, major shareholder Global Investors Lp Viking sold 350,000 shares of the firm’s stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $32.25, for a total value of $11,287,500.00. Following the completion of the sale, the insider owned 67,018 shares in the company, valued at approximately $2,161,330.50. This trade represents a 83.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Trading of Inhibrx Biosciences

A number of institutional investors have recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of Inhibrx Biosciences during the 1st quarter worth $350,000. Woodline Partners LP acquired a new stake in Inhibrx Biosciences in the 1st quarter valued at about $5,015,000. Bluefin Capital Management LLC purchased a new position in Inhibrx Biosciences during the 1st quarter valued at about $160,000. Acadian Asset Management LLC raised its position in Inhibrx Biosciences by 34.2% during the first quarter. Acadian Asset Management LLC now owns 192,498 shares of the company’s stock worth $2,689,000 after acquiring an additional 49,023 shares during the last quarter. Finally, Strs Ohio purchased a new stake in shares of Inhibrx Biosciences in the first quarter valued at about $27,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a research report on Wednesday, October 8th. Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Down 1.2%

INBX stock opened at $79.27 on Tuesday. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 2.71. The company’s 50-day moving average price is $77.48 and its 200 day moving average price is $43.40. Inhibrx Biosciences has a 52 week low of $10.81 and a 52 week high of $94.57. The company has a market cap of $1.15 billion, a P/E ratio of -7.91 and a beta of 1.18.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($2.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.94) by $0.66. On average, research analysts expect that Inhibrx Biosciences will post 104.88 earnings per share for the current fiscal 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.