Inhibrx Biosciences (NASDAQ:INBX) Shares Down 8.8% – Should You Sell?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares were down 8.8% during mid-day trading on Wednesday. The stock traded as low as $101.29 and last traded at $100.91. 144,016 shares were traded during mid-day trading, a decline of 55% from the average session volume of 319,525 shares. The stock had previously closed at $110.67.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on INBX shares. Wall Street Zen lowered Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, September 18th. HC Wainwright initiated coverage on shares of Inhibrx Biosciences in a research report on Monday, August 24th. They issued a “buy” rating and a $245.00 target price for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Inhibrx Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $197.50.

Inhibrx Biosciences Price Performance

The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07. The company has a market cap of $1.45 billion, a price-to-earnings ratio of -11.16 and a beta of 3.66. The business has a fifty day moving average price of $100.99 and a 200 day moving average price of $95.38.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing the consensus estimate of ($2.28) by ($0.06). As a group, research analysts anticipate that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current year.

Insider Activity

In other Inhibrx Biosciences news, Director Jon Kayyem bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was acquired at an average price of $100.00 per share, with a total value of $500,000.00. Following the completion of the purchase, the director directly owned 434,360 shares of the company’s stock, valued at approximately $43,436,000. This trade represents a 1.16% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mark Lappe acquired 25,000 shares of Inhibrx Biosciences stock in a transaction dated Tuesday, September 8th. The shares were bought at an average cost of $105.82 per share, with a total value of $2,645,500.00. Following the transaction, the chief executive officer owned 730,548 shares in the company, valued at approximately $77,306,589.36. This trade represents a 3.54% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 42,500 shares of company stock worth $4,499,725 and have sold 1,500 shares worth $168,590. Company insiders own 18.26% of the company’s stock.

Institutional Investors Weigh In On Inhibrx Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new position in shares of Inhibrx Biosciences during the second quarter valued at about $31,000. Quantbot Technologies LP bought a new stake in Inhibrx Biosciences in the 2nd quarter worth about $68,000. State of Wyoming purchased a new stake in Inhibrx Biosciences in the 2nd quarter valued at about $116,000. Hurley Capital LLC purchased a new stake in Inhibrx Biosciences in the 4th quarter valued at about $131,000. Finally, Seven Fleet Capital Management LP bought a new position in shares of Inhibrx Biosciences during the 1st quarter worth approximately $167,000. Institutional investors and hedge funds own 82.46% of the company’s stock.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing biologic medicines for serious diseases with limited treatment options. The company uses a proprietary protein-engineering platform to design novel therapeutic proteins, including multivalent and long-acting biologics intended to selectively affect disease-related biological pathways.

Inhibrx’s development programs have included INBRX-101, also known as efzofitimod, an engineered fibroblast growth factor 1 intended for the treatment of alpha-1 antitrypsin deficiency-associated emphysema and other inflammatory lung conditions.