Inhibrx Biosciences (NASDAQ:INBX) Shares Down 5.2% – Should You Sell?

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) traded down 5.2% during mid-day trading on Monday . The stock traded as low as $84.65 and last traded at $83.64. 6,689 shares traded hands during trading, a decline of 97% from the average session volume of 205,452 shares. The stock had previously closed at $88.23.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Inhibrx Biosciences in a research report on Wednesday, April 8th. They set a “buy” rating and a $150.00 price objective for the company. Zacks Research raised shares of Inhibrx Biosciences to a “hold” rating in a research report on Thursday, April 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Inhibrx Biosciences in a research report on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of Inhibrx Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $150.00.

Inhibrx Biosciences Stock Performance

The stock’s 50-day moving average price is $72.88 and its 200 day moving average price is $72.47. The company has a debt-to-equity ratio of 12.58, a current ratio of 3.93 and a quick ratio of 3.93. The firm has a market cap of $1.23 billion, a P/E ratio of -9.30 and a beta of 1.82.

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

Institutional Trading of Inhibrx Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in INBX. Strs Ohio bought a new stake in Inhibrx Biosciences during the first quarter worth $27,000. Russell Investments Group Ltd. raised its position in Inhibrx Biosciences by 11.0% during the second quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock worth $428,000 after acquiring an additional 2,963 shares in the last quarter. Invesco Ltd. bought a new stake in Inhibrx Biosciences during the second quarter worth $193,000. Bank of America Corp DE raised its position in Inhibrx Biosciences by 19.2% during the second quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock worth $130,000 after acquiring an additional 1,469 shares in the last quarter. Finally, Bridgeway Capital Management LLC bought a new stake in Inhibrx Biosciences during the second quarter worth $235,000. 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.