Inhibrx Biosciences (NASDAQ:INBX) Announces Earnings Results, Misses Expectations By $0.06 EPS

Inhibrx Biosciences (NASDAQ:INBX) posted its earnings results on Thursday. The company reported ($2.34) EPS for the quarter, missing the consensus estimate of ($2.28) by ($0.06), FiscalAI reports.

Inhibrx Biosciences Trading Down 10.4%

INBX stock opened at $86.88 on Friday. The business has a fifty day moving average price of $90.85 and a 200 day moving average price of $88.48. The company has a debt-to-equity ratio of 12.58, a current ratio of 6.46 and a quick ratio of 6.46. Inhibrx Biosciences has a fifty-two week low of $22.40 and a fifty-two week high of $155.29. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -10.35 and a beta of 3.51.

Hedge Funds Weigh In On Inhibrx Biosciences

Large investors have recently modified their holdings of the stock. Strs Ohio bought a new position in Inhibrx Biosciences in the first quarter valued at approximately $27,000. Russell Investments Group Ltd. raised its position in shares of Inhibrx Biosciences by 11.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock valued at $428,000 after acquiring an additional 2,963 shares during the last quarter. Invesco Ltd. bought a new stake in shares of Inhibrx Biosciences during the 2nd quarter valued at $193,000. Bank of America Corp DE lifted its stake in shares of Inhibrx Biosciences by 19.2% in the 2nd quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock valued at $130,000 after purchasing an additional 1,469 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new position in shares of Inhibrx Biosciences in the 2nd quarter valued at $235,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on INBX. Lifesci Capital raised Inhibrx Biosciences to a “strong-buy” rating in a research report on Friday, April 24th. Wall Street Zen raised Inhibrx Biosciences from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $150.00.

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.