Insider Buying: Inhibrx Biosciences (NASDAQ:INBX) Director Purchases $286,625.00 in Stock

Inhibrx Biosciences, Inc. (NASDAQ:INBX) Director Douglas Forsyth acquired 2,500 shares of Inhibrx Biosciences stock in a transaction that occurred on Tuesday, September 8th. The stock was bought at an average price of $114.65 per share, for a total transaction of $286,625.00. Following the completion of the acquisition, the director owned 227,064 shares in the company, valued at $26,032,887.60. This trade represents a 1.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Inhibrx Biosciences Trading Down 1.3%

NASDAQ INBX opened at $111.42 on Friday. The firm’s 50-day moving average is $98.80 and its two-hundred day moving average is $93.20. Inhibrx Biosciences, Inc. has a 12 month low of $26.19 and a 12 month high of $155.29. The company has a debt-to-equity ratio of 12.58, a current ratio of 5.07 and a quick ratio of 5.07. The stock has a market capitalization of $1.64 billion, a P/E ratio of -12.55 and a beta of 3.66.

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

Hedge Funds Weigh In On Inhibrx Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Opaleye Management Inc. acquired a new position in shares of Inhibrx Biosciences in the second quarter worth $1,923,000. Tidal Investments LLC acquired a new stake in shares of Inhibrx Biosciences in the second quarter valued at $964,000. Integrated Wealth Concepts LLC purchased a new position in Inhibrx Biosciences in the second quarter valued at $31,000. California State Teachers Retirement System grew its stake in Inhibrx Biosciences by 149,396.5% during the 2nd quarter. California State Teachers Retirement System now owns 734,028 shares of the company’s stock worth $69,549,000 after purchasing an additional 733,537 shares in the last quarter. Finally, NINE MASTS CAPITAL Ltd acquired a new position in Inhibrx Biosciences during the 2nd quarter worth $284,000. Hedge funds and other institutional investors own 82.46% of the company’s stock.

Analyst Ratings Changes

INBX has been the subject of several research reports. Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. HC Wainwright assumed coverage on Inhibrx Biosciences in a research report on Monday, August 24th. They set a “buy” rating and a $245.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. Finally, Citigroup reissued a “market perform” rating on shares of Inhibrx Biosciences in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $197.50.

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.