Inhibrx Biosciences (NASDAQ:INBX) Stock Price Down 10% After Earnings Miss

Shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) fell 10% during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $104.69 and last traded at $104.5460. 98,184 shares changed hands during trading, a decline of 69% from the average session volume of 317,002 shares. The stock had previously closed at $116.16.

The company reported ($2.15) EPS for the quarter, missing analysts’ consensus estimates of ($1.68) by ($0.47).

Wall Street Analyst Weigh In

A number of research firms recently commented on INBX. Wall Street Zen raised shares of Inhibrx Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Lifesci Capital upgraded shares of Inhibrx Biosciences to a “strong-buy” rating in a research note on Friday, April 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Thursday, January 22nd. Stifel Nicolaus began coverage on shares of Inhibrx Biosciences in a research note on Wednesday, April 8th. They issued a “buy” rating and a $150.00 price objective for the company. Finally, Zacks Research upgraded shares of Inhibrx Biosciences to a “hold” rating in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Inhibrx Biosciences has a consensus rating of “Hold” and a consensus target price of $150.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Swiss National Bank purchased a new position in shares of Inhibrx Biosciences during the 1st quarter valued at $968,000. Moran Wealth Management LLC purchased a new position in shares of Inhibrx Biosciences during the 1st quarter valued at $213,000. Janney Montgomery Scott LLC grew its position in shares of Inhibrx Biosciences by 16.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,406 shares of the company’s stock valued at $431,000 after purchasing an additional 911 shares in the last quarter. Corient Private Wealth LLC purchased a new position in shares of Inhibrx Biosciences during the 4th quarter valued at $1,615,000. Finally, Invesco Ltd. grew its position in shares of Inhibrx Biosciences by 539.6% during the 4th quarter. Invesco Ltd. now owns 112,396 shares of the company’s stock valued at $8,879,000 after purchasing an additional 94,822 shares in the last quarter. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

Inhibrx Biosciences Price Performance

The business’s 50-day moving average price is $86.96 and its 200 day moving average price is $81.89. The stock has a market capitalization of $1.53 billion, a PE ratio of -11.64 and a beta of 3.88. The company has a debt-to-equity ratio of 12.58, a quick ratio of 3.93 and a current ratio of 3.93.

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.