Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Up – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares gapped up before the market opened on Monday. The stock had previously closed at $80.28, but opened at $86.39. Inhibrx Biosciences shares last traded at $88.5250, with a volume of 6,741 shares changing hands.

Wall Street Analyst Weigh In

INBX has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Friday, September 11th. Wall Street Zen downgraded Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research report on Friday, September 18th. Finally, HC Wainwright began coverage on Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $197.50.

Inhibrx Biosciences Trading Up 9.3%

The stock’s 50-day moving average price is $98.83 and its two-hundred day moving average price is $91.80. The stock has a market capitalization of $1.36 billion, a P/E ratio of -10.38 and a beta of 4.03.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly 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). On average, equities research analysts predict that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current year.

Insider Transactions at Inhibrx Biosciences

In other Inhibrx Biosciences news, Director Kimberly Manhard sold 500 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $110.26, for a total value of $55,130.00. Following the sale, the director directly owned 8,000 shares in the company, valued at $882,080. The trade was a 5.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Douglas Forsyth purchased 2,500 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were purchased at an average cost of $114.65 per share, for a total transaction of $286,625.00. Following the transaction, the director directly owned 227,064 shares in the company, valued at approximately $26,032,887.60. The trade was a 1.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 62,540 shares of company stock valued at $6,347,507 and sold 1,500 shares valued at $168,590. Company insiders own 18.26% of the company’s stock.

Institutional Investors Weigh In On Inhibrx Biosciences

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new stake in Inhibrx Biosciences in the 2nd quarter valued at about $79,698,000. BlackRock Inc. purchased a new stake in Inhibrx Biosciences during the second quarter valued at about $78,261,000. Parkman Healthcare Partners LLC purchased a new stake in Inhibrx Biosciences during the second quarter valued at about $24,346,000. SummitTX Capital L.P. boosted its position in Inhibrx Biosciences by 66.3% during the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company’s stock worth $9,266,000 after purchasing an additional 54,936 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in Inhibrx Biosciences during the second quarter worth about $6,956,000. Hedge funds and other institutional investors own 82.46% of the company’s stock.

Inhibrx Biosciences Company Profile

Inhibrx Biosciences, Inc is a biotechnology company focused on developing biologic medicines for serious and rare diseases. The company uses its proprietary protein-engineering and antibody-development platforms to create therapies designed to address conditions with limited treatment options.

Its lead investigational program was INBRX-101, an engineered recombinant protein developed for alpha-1 antitrypsin deficiency-associated lung disease. The company also advanced other potential treatments, including INBRX-109, an investigational therapy studied in certain solid tumors, and additional biologic candidates targeting oncology and other serious diseases.