Sofinnova Investments Inc. Grows Holdings in Inhibrx Biosciences, Inc. $INBX

Sofinnova Investments Inc. lifted its stake in shares of Inhibrx Biosciences, Inc. (NASDAQ:INBX) by 3.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 454,657 shares of the company’s stock after acquiring an additional 14,565 shares during the period. Inhibrx Biosciences accounts for about 1.5% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 21st largest position. Sofinnova Investments Inc. owned 3.13% of Inhibrx Biosciences worth $35,918,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Inhibrx Biosciences by 26.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock valued at $56,000 after buying an additional 147 shares during the period. Daiwa Securities Group Inc. acquired a new stake in shares of Inhibrx Biosciences during the fourth quarter worth approximately $66,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Inhibrx Biosciences during the third quarter worth approximately $40,000. BNP Paribas Financial Markets grew its position in shares of Inhibrx Biosciences by 71.9% during the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after buying an additional 789 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Inhibrx Biosciences during the first quarter worth approximately $27,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INBX has been the topic of several research analyst reports. Lifesci Capital upgraded Inhibrx Biosciences to a “strong-buy” rating in a research note on Friday, April 24th. Stifel Nicolaus initiated coverage on shares of Inhibrx Biosciences in a research note on Wednesday, April 8th. They set a “buy” rating and a $150.00 price objective on the stock. Wall Street Zen upgraded shares of Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Zacks Research raised Inhibrx Biosciences to a “hold” rating in a report 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $150.00.

Inhibrx Biosciences Trading Up 1.4%

NASDAQ:INBX opened at $93.51 on Tuesday. 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, Inc. has a fifty-two week low of $13.97 and a fifty-two week high of $155.29. The stock’s 50-day moving average is $100.95 and its two-hundred day moving average is $85.11. The stock has a market cap of $1.37 billion, a PE ratio of -11.15 and a beta of 3.33.

Inhibrx Biosciences (NASDAQ:INBX) last released its earnings results on Thursday, May 14th. The company reported ($2.15) earnings per share for the quarter, missing the consensus estimate of ($1.68) by ($0.47). As a group, equities research analysts forecast that Inhibrx Biosciences, Inc. will post -10.15 earnings per share for the current fiscal year.

Inhibrx Biosciences 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.