Inhibrx Biosciences (NASDAQ:INBX) Posts Earnings Results, Misses Estimates By $0.01 EPS

Inhibrx Biosciences (NASDAQ:INBX) announced its quarterly earnings results on Friday. The company reported ($2.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.45) by ($0.01), FiscalAI reports. The business had revenue of $2.00 million during the quarter, compared to analyst estimates of $1.90 million.

Inhibrx Biosciences Stock Down 5.0%

INBX stock traded down $4.38 during midday trading on Friday, hitting $83.37. The company’s stock had a trading volume of 245,896 shares, compared to its average volume of 311,134. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -9.39 and a beta of 4.03. The stock’s 50-day moving average price is $96.05 and its 200 day moving average price is $92.09. Inhibrx Biosciences has a 1 year low of $57.30 and a 1 year high of $155.29.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wall Street Zen downgraded Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. HC Wainwright began coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They issued a “buy” rating and a $245.00 target price for the company. Finally, Citigroup reiterated a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. One investment 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. Based on data from MarketBeat, Inhibrx Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $197.50.

Insider Buying and Selling

In related news, CEO Mark Lappe bought 10,040 shares of Inhibrx Biosciences stock in a transaction dated Wednesday, October 14th. The stock was purchased at an average cost of $84.56 per share, with a total value of $848,982.40. Following the transaction, the chief executive officer directly owned 745,588 shares of the company’s stock, valued at approximately $63,046,921.28. The trade was a 1.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kimberly Manhard sold 500 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $110.26, for a total value of $55,130.00. Following the transaction, the director directly owned 8,000 shares of the company’s stock, valued at approximately $882,080. This trade represents a 5.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders purchased 62,540 shares of company stock worth $6,347,507 and sold 1,500 shares worth $168,590. 18.26% of the stock is currently owned by corporate insiders.

About Inhibrx Biosciences

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.