Inhibrx Biosciences (NASDAQ:INBX) Coverage Initiated at HC Wainwright

Stock analysts at HC Wainwright assumed coverage on shares of Inhibrx Biosciences (NASDAQ:INBX) in a research report issued on Monday,Benzinga reports. The brokerage set a “buy” rating and a $245.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 136.42% from the company’s current price.

INBX has been the subject of a number of other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Wall Street Zen lowered Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. One 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Inhibrx Biosciences has a consensus rating of “Moderate Buy” and an average price target of $197.50.

Inhibrx Biosciences Price Performance

Shares of INBX stock opened at $103.63 on Monday. Inhibrx Biosciences has a 52-week low of $24.00 and a 52-week high of $155.29. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -11.67 and a beta of 3.51. The firm’s 50-day moving average is $91.63 and its 200-day moving average is $89.38. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06). Sell-side analysts predict that Inhibrx Biosciences will post -10.88 EPS for the current year.

Institutional Investors Weigh In On Inhibrx Biosciences

Several hedge funds have recently bought and sold shares of the stock. Western Standard LLC bought a new stake in Inhibrx Biosciences in the 2nd quarter valued at about $4,453,000. PSP Research LLC bought a new position in shares of Inhibrx Biosciences during the fourth quarter worth approximately $505,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Inhibrx Biosciences in the fourth quarter valued at approximately $20,856,000. SummitTX Capital L.P. raised its position in shares of Inhibrx Biosciences by 66.3% in the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company’s stock valued at $9,266,000 after buying an additional 54,936 shares in the last quarter. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Inhibrx Biosciences in the fourth quarter valued at approximately $703,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

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.