Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 5.6% – Should You Sell?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares fell 5.6% on Friday . The company traded as low as $106.20 and last traded at $104.3830. 398,603 shares changed hands during trading, an increase of 24% from the average session volume of 322,628 shares. The stock had previously closed at $110.57.

Wall Street Analyst Weigh In

INBX has been the topic of several recent analyst reports. Zacks Research upgraded shares of Inhibrx Biosciences to a “hold” rating in a research note on Thursday, April 9th. Stifel Nicolaus initiated coverage on shares of Inhibrx Biosciences in a research note on Wednesday, April 8th. They issued a “buy” rating and a $150.00 target price on the stock. Lifesci Capital upgraded shares of Inhibrx Biosciences to a “strong-buy” rating in a research note on Friday, April 24th. Finally, Wall Street Zen cut Inhibrx Biosciences from a “hold” rating to a “sell” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $150.00.

Inhibrx Biosciences Price Performance

The stock has a fifty day moving average of $91.25 and a 200-day moving average of $83.28. The company has a quick ratio of 6.46, a current ratio of 6.46 and a debt-to-equity ratio of 12.58. The firm has a market capitalization of $1.49 billion, a P/E ratio of -12.08 and a beta of 3.88.

Inhibrx Biosciences (NASDAQ:INBX) last released its quarterly earnings results on Thursday, May 14th. The company reported ($2.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.68) by ($0.47). Equities analysts predict that Inhibrx Biosciences, Inc. will post -10.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. raised its holdings 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 buying an additional 147 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings 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 during the last quarter. Persistent Asset Partners Ltd bought a new stake in Inhibrx Biosciences during the 4th quarter worth about $27,000. BNP Paribas Financial Markets raised 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 last quarter. Finally, Daiwa Securities Group Inc. bought a new stake in Inhibrx Biosciences during the 4th quarter worth about $66,000. 82.46% of the stock is owned by institutional investors.

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.