Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Up – Should You Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX)’s stock price gapped up before the market opened on Monday. The stock had previously closed at $80.28, but opened at $86.39. Inhibrx Biosciences shares last traded at $88.5250, with a volume of 6,741 shares changing hands.

Analyst Ratings Changes

A number of equities analysts recently issued reports on INBX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Friday, September 11th. HC Wainwright began coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 price objective for the company. Citigroup restated a “market perform” rating on shares of Inhibrx Biosciences in a research note on Friday, September 18th. Finally, Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.50.

Inhibrx Biosciences Stock Down 1.2%

The stock has a fifty day simple moving average of $97.47 and a 200 day simple moving average of $91.94.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly 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, sell-side analysts expect that Inhibrx Biosciences, Inc. will post -9.91 earnings per share for the current year.

Insider Activity at Inhibrx Biosciences

In related news, Director Jon Kayyem bought 5,000 shares of the stock in a transaction on Tuesday, September 8th. The shares were acquired at an average price of $113.52 per share, for a total transaction of $567,600.00. Following the purchase, the director owned 424,360 shares of the company’s stock, valued at approximately $48,173,347.20. The trade was a 1.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kimberly Manhard sold 500 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $110.26, for a total transaction of $55,130.00. Following the sale, the director directly owned 8,000 shares in the company, valued at approximately $882,080. The trade was a 5.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have acquired 62,540 shares of company stock worth $6,347,507 and have sold 1,500 shares worth $168,590. Company insiders own 18.26% of the company’s stock.

Institutional Investors Weigh In On Inhibrx Biosciences

A number of large investors have recently added to or reduced their stakes in INBX. Sterling Capital Management LLC boosted its stake in shares of Inhibrx Biosciences by 380.3% in the 3rd quarter. Sterling Capital Management LLC now owns 293 shares of the company’s stock worth $29,000 after buying an additional 232 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Inhibrx Biosciences during the second quarter valued at $31,000. China Universal Asset Management Co. Ltd. increased its position in Inhibrx Biosciences by 15.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,685 shares of the company’s stock valued at $281,000 after acquiring an additional 350 shares during the last quarter. Quantbot Technologies LP bought a new position in Inhibrx Biosciences in the second quarter valued at about $68,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Inhibrx Biosciences in the third quarter valued at about $75,000. Institutional investors own 82.46% of the company’s stock.

About Inhibrx Biosciences

Inhibrx Biosciences, Inc. is a U.S.-based biopharmaceutical company focused on developing biologic medicines for cancer and other serious diseases. Its research uses protein engineering to create investigational therapies designed to engage specific targets in the body. The company’s oncology pipeline has included INBRX-109, an antibody designed to activate the DR5 receptor and studied for chondrosarcoma, and INBRX-106, an investigational OX40-targeting antibody. These candidates are experimental and are not approved medicines.