Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) Director Douglas Forsyth acquired 2,500 shares of the firm's stock in a transaction on Tuesday, September 8th. The shares were acquired at an average price of $114.65 per share, with a total value of $286,625.00. Following the completion of the purchase, the director owned 227,064 shares in the company, valued at approximately $26,032,887.60. This trade represents a 1.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.
Inhibrx Biosciences Stock Down 5.6%
Shares of INBX opened at $114.34 on Wednesday. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of -12.88 and a beta of 3.66. Inhibrx Biosciences, Inc. has a 52 week low of $26.19 and a 52 week high of $155.29. The stock's 50-day moving average price is $98.17 and its 200-day moving average price is $92.74. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 12.58.
Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last released its quarterly earnings data 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 predict that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current year.
Hedge Funds Weigh In On Inhibrx Biosciences
A number of hedge funds have recently modified their holdings of INBX. California State Teachers Retirement System increased its holdings in Inhibrx Biosciences by 149,396.5% in the 2nd quarter. California State Teachers Retirement System now owns 734,028 shares of the company's stock valued at $69,549,000 after purchasing an additional 733,537 shares during the last quarter. NINE MASTS CAPITAL Ltd acquired a new position in Inhibrx Biosciences during the second quarter worth $284,000. Harvest Management LLC acquired a new position in Inhibrx Biosciences during the second quarter worth $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Inhibrx Biosciences by 29,850.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,067 shares of the company's stock worth $1,901,000 after buying an additional 20,000 shares during the period. Finally, Ratan Capital Management LP purchased a new position in shares of Inhibrx Biosciences during the second quarter worth $1,574,000. 82.46% of the stock is currently owned by hedge funds and other institutional investors.
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.
Analyst Ratings Changes
A number of brokerages have weighed in on INBX. Weiss Ratings restated a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. HC Wainwright assumed coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They issued a "buy" rating and a $245.00 price target on the stock. Wall Street Zen lowered shares of Inhibrx Biosciences from a "hold" rating to a "strong sell" rating in a research report on Monday, August 17th. Finally, Citigroup reaffirmed a "market perform" rating on shares of Inhibrx Biosciences in a research note on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $197.50.
Check Out Our Latest Analysis on INBX
About Inhibrx Biosciences
(
Get Free Report)
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.
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