Inhibrx Biosciences (NASDAQ:INBX) Director Jon Faiz Kayyem Acquires 5,000 Shares of Stock

Inhibrx Biosciences, Inc. (NASDAQ:INBX) Director Jon Kayyem acquired 5,000 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were bought at an average cost of $113.52 per share, with a total value of $567,600.00. Following the completion of the acquisition, the director owned 424,360 shares in the company, valued at approximately $48,173,347.20. This represents a 1.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Inhibrx Biosciences Price Performance

INBX stock opened at $114.34 on Wednesday. The company has a debt-to-equity ratio of 12.58, a quick ratio of 5.07 and a current ratio of 5.07. The company’s fifty day moving average price is $98.17 and its 200-day moving average price is $92.74. Inhibrx Biosciences, Inc. has a one year low of $26.19 and a one year high of $155.29. The company has a market capitalization of $1.68 billion, a PE ratio of -12.88 and a beta of 3.66.

Inhibrx Biosciences (NASDAQ:INBX) last posted its earnings results on Thursday, August 13th. The company reported ($2.34) earnings per share for the quarter, missing the consensus estimate of ($2.28) by ($0.06). On average, equities analysts anticipate that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a report on Thursday, August 27th. Wall Street Zen lowered Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Finally, HC Wainwright started coverage on Inhibrx Biosciences in a research note on Monday, August 24th. They issued a “buy” rating and a $245.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.50.

Inhibrx Biosciences News Summary

Here are the key news stories impacting Inhibrx Biosciences this week:

• Positive Sentiment: Promising Phase 2 cancer data: INBRX-106 combined with Merck’s pembrolizumab produced a 48.3% confirmed overall response rate versus 26.5% for pembrolizumab alone in first-line head and neck cancer. Interim median progression-free survival was 9.6 months, and 72.4% of combination-treatment patients remained progression-free at six months versus 42.8% with pembrolizumab alone. Inhibrx Phase 2 HNSCC study results
• Positive Sentiment: Particularly strong HPV-positive results: In this subgroup, the combination achieved an 80% response rate versus 33.3% for pembrolizumab alone, a 30% complete-response rate versus 0%, and a substantial improvement in six-month progression-free survival. Reuters reported that the treatment reduced tumors in the mid-stage study. Reuters report on Inhibrx cancer study
• Positive Sentiment: Insider buying supports sentiment: CEO Mark Lappe purchased 25,000 shares for approximately $2.65 million, while directors Jon Kayyem and Douglas Forsyth bought 5,000 and 2,500 shares, respectively. The purchases increase confidence among some investors that management views the valuation and clinical outlook favorably. CEO insider purchase filing
• Neutral Sentiment: Further testing remains necessary: Inhibrx plans to expand the Phase 2 study by roughly 50 HPV-positive patients and may pursue an accelerated-approval pathway. However, the results are still mid-stage, and regulatory approval and commercial success are not guaranteed.

Institutional Trading of Inhibrx Biosciences

Large investors have recently made changes to their positions in the business. Western Standard LLC bought a new stake in Inhibrx Biosciences in the second quarter worth $4,453,000. Parkman Healthcare Partners LLC bought a new position in Inhibrx Biosciences during the second quarter valued at $24,346,000. Nicholas Investment Partners LP purchased a new stake in shares of Inhibrx Biosciences in the second quarter valued at $2,032,000. SummitTX Capital L.P. raised its stake in shares of Inhibrx Biosciences by 66.3% in the first quarter. SummitTX Capital L.P. now owns 137,821 shares of the company’s stock valued at $9,266,000 after acquiring an additional 54,936 shares during the period. Finally, BlackRock Inc. bought a new stake in shares of Inhibrx Biosciences in the 2nd quarter worth about $78,261,000. 82.46% of the stock is currently owned by 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.