Inhibrx Biosciences (NASDAQ:INBX) Shares Up 6.6% – Still a Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares were up 6.6% on Tuesday . The stock traded as high as $80.43 and last traded at $81.2290. Approximately 131,123 shares changed hands during trading, a decline of 26% from the average daily volume of 178,324 shares. The stock had previously closed at $76.21.

Wall Street Analysts Forecast Growth

INBX has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a research report on Wednesday, October 8th. JMP Securities reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, August 22nd. Finally, Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a report on Wednesday, November 19th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Inhibrx Biosciences presently has an average rating of “Reduce”.

Inhibrx Biosciences Price Performance

The business’s fifty day moving average price is $68.13 and its 200-day moving average price is $38.60. The company has a market capitalization of $1.18 billion, a P/E ratio of -8.06 and a beta of 1.18. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 2.71.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings results on Thursday, November 13th. The company reported ($2.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.94) by $0.66. As a group, sell-side analysts predict that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the business’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 directly owned 67,018 shares of the company’s stock, valued at $2,161,330.50. The trade was a 83.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 17.09% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Strs Ohio bought a new position in shares of Inhibrx Biosciences during the first quarter valued at about $27,000. Public Employees Retirement System of Ohio purchased a new position in shares of Inhibrx Biosciences during the third quarter valued at approximately $40,000. BNP Paribas Financial Markets boosted its stake in Inhibrx Biosciences by 71.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after purchasing an additional 789 shares in the last quarter. Bank of America Corp DE lifted its position in Inhibrx Biosciences by 19.2% in the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock valued at $130,000 after acquiring an additional 1,469 shares in the last quarter. Finally, Bluefin Capital Management LLC purchased a new stake in shares of Inhibrx Biosciences during the first quarter valued at $160,000. Institutional investors own 82.46% of the company’s stock.

About Inhibrx Biosciences

Inhibrx, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of novel biologic therapeutic candidates. The company's therapeutic candidate includes INBRX-101, an alpha-1 antitrypsin (AAT)-Fc fusion protein therapeutic candidate, which is in Phase 1 clinical trials for use in the treatment of patients with AAT deficiency.