Inhibrx Biosciences (NASDAQ:INBX) Sets New 52-Week High – Here’s What Happened

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) hit a new 52-week high during trading on Wednesday . The company traded as high as $150.47 and last traded at $114.1380, with a volume of 356006 shares trading hands. The stock had previously closed at $84.08.

Analysts Set New Price Targets

A number of research firms have issued reports on INBX. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Zacks Research raised shares of Inhibrx Biosciences to a “hold” rating in a report on Thursday, April 9th. Finally, Stifel Nicolaus began coverage on shares of Inhibrx Biosciences in a report on Wednesday, April 8th. They set a “buy” rating and a $150.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $150.00.

Inhibrx Biosciences Stock Up 31.5%

The stock’s fifty day moving average is $72.88 and its two-hundred day moving average is $72.47. The company has a current ratio of 3.93, a quick ratio of 3.93 and a debt-to-equity ratio of 12.58. The company has a market capitalization of $1.62 billion, a PE ratio of -12.11 and a beta of 1.82.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings results on Thursday, March 19th. The company reported ($2.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.08) by ($0.03). As a group, analysts predict that Inhibrx Biosciences, Inc. will post -11.01 EPS for the current year.

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. Persistent Asset Partners Ltd purchased a new position in shares of Inhibrx Biosciences in the 4th quarter worth about $27,000. Strs Ohio purchased a new position in shares of Inhibrx Biosciences in the 1st quarter worth about $27,000. Public Employees Retirement System of Ohio purchased a new position in shares of Inhibrx Biosciences in the 3rd quarter worth about $40,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Inhibrx Biosciences by 26.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock worth $56,000 after buying an additional 147 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Inhibrx Biosciences by 71.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after buying an additional 789 shares during the last quarter. 82.46% of the stock is owned by hedge funds and other institutional investors.

About Inhibrx Biosciences

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.