Inhibrx Biosciences (NASDAQ:INBX) Shares Gap Down After Earnings Miss
by Tristan Rich · The Markets DailyInhibrx Biosciences, Inc. (NASDAQ:INBX – Get Free Report) shares gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $97.01, but opened at $91.80. Inhibrx Biosciences shares last traded at $92.6020, with a volume of 39,119 shares traded.
The company reported ($2.34) EPS for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06).
Analysts Set New Price Targets
Several research firms have issued reports on INBX. Lifesci Capital raised shares of Inhibrx Biosciences to a “strong-buy” rating in a research note on Friday, April 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibrx Biosciences in a research report on Tuesday, June 16th. Finally, Wall Street Zen raised shares of Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Inhibrx Biosciences has an average rating of “Hold” and an average price target of $150.00.
View Our Latest Research Report on INBX
Hedge Funds Weigh In On Inhibrx Biosciences
Several large investors have recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd acquired a new stake in Inhibrx Biosciences in the 4th quarter worth about $27,000. Strs Ohio acquired a new position in shares of Inhibrx Biosciences during the 1st quarter valued at about $27,000. Public Employees Retirement System of Ohio purchased a new position in shares of Inhibrx Biosciences during the 3rd quarter worth about $40,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Inhibrx Biosciences by 26.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 707 shares of the company’s stock worth $56,000 after acquiring an additional 147 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in shares of Inhibrx Biosciences by 71.9% in the third quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after acquiring an additional 789 shares during the last quarter. 82.46% of the stock is currently owned by hedge funds and other institutional investors.
Inhibrx Biosciences Price Performance
The company’s 50-day moving average is $90.85 and its 200-day moving average is $88.48. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -10.86 and a beta of 3.51. 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 Company 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.