Inhibrx Biosciences (NASDAQ:INBX) Trading Down 5.7% – Should You Sell?

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) were down 5.7% during trading on Thursday . The company traded as low as $63.13 and last traded at $63.2090. Approximately 151,977 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 198,184 shares. The stock had previously closed at $67.05.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Inhibrx Biosciences presently has an average rating of “Reduce”.

Inhibrx Biosciences Price Performance

The stock’s fifty day moving average price is $73.97 and its 200-day moving average price is $67.78. The firm has a market cap of $927.62 million, a price-to-earnings ratio of -7.02 and a beta of 1.50. The company has a current ratio of 3.93, a quick ratio of 3.93 and a debt-to-equity ratio of 12.58.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings data on Thursday, March 19th. The company reported ($2.11) EPS for the quarter, missing analysts’ consensus estimates of ($2.08) by ($0.03). As a group, equities research analysts forecast that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Inhibrx Biosciences

A number of hedge funds have recently made changes to their positions in INBX. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Inhibrx Biosciences by 26.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock valued at $56,000 after acquiring an additional 147 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in Inhibrx Biosciences by 1.3% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 22,883 shares of the company’s stock worth $1,808,000 after purchasing an additional 299 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in Inhibrx Biosciences during the 4th quarter worth $27,000. BNP Paribas Financial Markets increased its holdings in Inhibrx Biosciences by 71.9% during 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 during the period. Finally, Daiwa Securities Group Inc. acquired a new stake in Inhibrx Biosciences in the 4th quarter valued at about $66,000. Hedge funds and other institutional investors own 82.46% of the company’s stock.

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.