Inhibrx Biosciences, Inc. (NASDAQ:INBX) Stock Has Consensus Price Target of $197.50

Inhibrx Biosciences, Inc. (NASDAQ:INBX) has earned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $197.50.

Several equities research analysts have weighed in on INBX shares. HC Wainwright assumed coverage on shares of Inhibrx Biosciences in a research report on Monday, August 24th. They set a “buy” rating and a $245.00 price target for the company. Citigroup restated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Friday, September 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Friday, September 11th. Finally, Wall Street Zen lowered shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th.

Inhibrx Biosciences Stock Performance

Shares of INBX stock opened at $94.56 on Friday. Inhibrx Biosciences has a fifty-two week low of $28.16 and a fifty-two week high of $155.29. The stock has a 50 day moving average price of $103.03 and a two-hundred day moving average price of $96.80. The company has a market capitalization of $1.39 billion, a P/E ratio of -10.65 and a beta of 3.81.

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

Insiders Place Their Bets

In other Inhibrx Biosciences news, Director Jon Kayyem acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The shares were purchased at an average cost of $100.00 per share, for a total transaction of $500,000.00. Following the transaction, the director owned 434,360 shares in the company, valued at $43,436,000. This represents a 1.16% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Lappe acquired 25,000 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was acquired at an average price of $105.82 per share, for a total transaction of $2,645,500.00. Following the completion of the transaction, the chief executive officer owned 730,548 shares in the company, valued at approximately $77,306,589.36. The trade was a 3.54% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 52,500 shares of company stock worth $5,498,525 and have sold 1,500 shares worth $168,590. Company insiders own 18.26% of the company’s stock.

Hedge Funds Weigh In On Inhibrx Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in INBX. Integrated Wealth Concepts LLC bought a new stake in Inhibrx Biosciences in the second quarter valued at $31,000. Quantbot Technologies LP purchased a new position in Inhibrx Biosciences during the 2nd quarter valued at $68,000. State of Wyoming bought a new position in Inhibrx Biosciences in the 2nd quarter worth $116,000. Hurley Capital LLC bought a new position in Inhibrx Biosciences in the 4th quarter worth $131,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Inhibrx Biosciences in the 2nd quarter worth about $194,000. Institutional investors own 82.46% of the company’s stock.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc is a biotechnology company focused on discovering and developing engineered biologic medicines for serious diseases with limited treatment options. The company’s platform has been used to create multifunctional proteins and antibody-based therapies designed to address targets that may be difficult to treat with conventional drugs.

Its leading program was INBRX-101, an engineered recombinant human alpha-1 antitrypsin therapy developed for patients with alpha-1 antitrypsin deficiency-associated lung disease.