Inhibrx Biosciences (NASDAQ:INBX) Stock Price Up 7.4% – Should You Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price traded up 7.4% on Wednesday . The company traded as high as $84.90 and last traded at $83.3250. 290,433 shares were traded during mid-day trading, an increase of 66% from the average session volume of 175,259 shares. The stock had previously closed at $77.59.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on INBX shares. JMP Securities reissued a “market perform” rating on shares of Inhibrx Biosciences in a research report on Friday, August 22nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Wednesday, October 8th. Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Wednesday. Finally, Wall Street Zen upgraded Inhibrx Biosciences from a “sell” rating to a “hold” rating in a report on Sunday, August 17th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Inhibrx Biosciences presently has an average rating of “Reduce”.

Inhibrx Biosciences Stock Up 6.2%

The company has a 50-day moving average of $47.83 and a 200-day moving average of $29.05. The company has a current ratio of 4.49, a quick ratio of 4.98 and a debt-to-equity ratio of 2.71. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -8.23 and a beta of 1.09.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings results on Friday, November 14th. The company reported ($2.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.94) by $0.66. On average, equities analysts predict that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $32.25, for a total transaction of $11,287,500.00. Following the transaction, the insider owned 67,018 shares in the company, valued at approximately $2,161,330.50. This represents a 83.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Hedge Funds Weigh In On Inhibrx Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its holdings in Inhibrx Biosciences by 71.9% during the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after buying an additional 789 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Inhibrx Biosciences in the third quarter worth about $40,000. Bank of New York Mellon Corp boosted its stake in shares of Inhibrx Biosciences by 2.6% during the 1st quarter. Bank of New York Mellon Corp now owns 52,800 shares of the company’s stock worth $739,000 after acquiring an additional 1,355 shares in the last quarter. Bank of America Corp DE grew its position in shares of Inhibrx Biosciences by 19.2% during 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 during the period. Finally, Strs Ohio purchased a new position in shares of Inhibrx Biosciences in the 1st quarter valued at about $27,000. Hedge funds and other 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.