Inhibrx Biosciences (NASDAQ:INBX) Trading 6.8% Higher – What’s Next?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shot up 6.8% during trading on Thursday . The company traded as high as $82.76 and last traded at $88.6190. 14,326 shares were traded during mid-day trading, a decline of 92% from the average session volume of 176,153 shares. The stock had previously closed at $82.96.

Wall Street Analysts Forecast Growth

INBX has been the topic of several recent research reports. Wall Street Zen upgraded Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Inhibrx Biosciences in a research report on Wednesday, October 8th. JMP Securities reissued a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, August 22nd. Finally, Citigroup restated a “market perform” rating on shares of Inhibrx Biosciences in a research report on Wednesday, November 19th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Inhibrx Biosciences has an average rating of “Reduce”.

Inhibrx Biosciences Stock Up 5.3%

The company has a market cap of $1.27 billion, a P/E ratio of -8.72 and a beta of 1.18. The stock has a 50-day moving average of $59.89 and a 200 day moving average of $34.38. The company has a debt-to-equity ratio of 2.71, a current ratio of 4.49 and a quick ratio of 4.49.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($2.28) earnings per share for the quarter, topping the consensus estimate of ($2.94) by $0.66. Research analysts anticipate that Inhibrx Biosciences, Inc. will post 104.88 earnings per share for the current year.

Insider Activity

In related news, major shareholder Global Investors Lp Viking sold 350,000 shares of Inhibrx Biosciences stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $32.25, for a total value of $11,287,500.00. Following the transaction, the insider directly owned 67,018 shares of the company’s stock, valued at $2,161,330.50. This trade represents a 83.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 17.09% of the company’s stock.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of large investors have recently modified their holdings of the business. Woodline Partners LP bought a new position in shares of Inhibrx Biosciences in the 1st quarter valued at $5,015,000. Caligan Partners LP acquired a new stake in Inhibrx Biosciences in the third quarter valued at about $7,961,000. Readystate Asset Management LP grew its position in Inhibrx Biosciences by 534.1% in the third quarter. Readystate Asset Management LP now owns 170,158 shares of the company’s stock valued at $5,731,000 after acquiring an additional 143,324 shares during the last quarter. HighTower Advisors LLC raised its stake in Inhibrx Biosciences by 11.5% during the first quarter. HighTower Advisors LLC now owns 871,754 shares of the company’s stock worth $12,196,000 after acquiring an additional 90,002 shares in the last quarter. Finally, Groupe la Francaise bought a new position in shares of Inhibrx Biosciences in the first quarter worth about $1,062,000. Institutional investors and hedge funds own 82.46% of the company’s stock.

Inhibrx Biosciences Company Profile

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.