Inhibrx (NASDAQ:INBX) Shares Gap Up to $22.13

Inhibrx, Inc. (NASDAQ:INBXGet Rating)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $22.13, but opened at $23.15. Inhibrx shares last traded at $23.00, with a volume of 3,259 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have commented on INBX. Evercore ISI raised their price target on shares of Inhibrx from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, October 5th. Credit Suisse Group cut their price target on shares of Inhibrx from $48.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, November 8th. Finally, JMP Securities reissued a “buy” rating and issued a $40.00 price target on shares of Inhibrx in a report on Wednesday, October 5th.

Inhibrx Stock Performance

The company’s 50-day moving average price is $26.87 and its two-hundred day moving average price is $23.74. The stock has a market cap of $1.05 billion, a PE ratio of -7.51 and a beta of 3.10.

Inhibrx (NASDAQ:INBXGet Rating) last posted its quarterly earnings data on Monday, November 7th. The company reported ($0.90) earnings per share for the quarter, beating the consensus estimate of ($1.01) by $0.11. The firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.70 million. Inhibrx had a negative net margin of 2,628.82% and a negative return on equity of 1,262.54%. Equities research analysts forecast that Inhibrx, Inc. will post -3.25 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Brendan P. Eckelman sold 40,000 shares of the firm’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $33.51, for a total transaction of $1,340,400.00. Following the sale, the insider now owns 2,195,553 shares in the company, valued at approximately $73,572,981.03. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Jon Faiz Kayyem sold 9,500 shares of Inhibrx stock in a transaction on Monday, November 21st. The shares were sold at an average price of $29.89, for a total value of $283,955.00. Following the transaction, the director now owns 3,243,301 shares in the company, valued at approximately $96,942,266.89. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brendan P. Eckelman sold 40,000 shares of Inhibrx stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $33.51, for a total transaction of $1,340,400.00. Following the completion of the transaction, the insider now owns 2,195,553 shares in the company, valued at approximately $73,572,981.03. The disclosure for this sale can be found here. In the last quarter, insiders have sold 157,895 shares of company stock worth $4,416,319. 25.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Inhibrx

A number of large investors have recently added to or reduced their stakes in INBX. Swiss National Bank raised its position in Inhibrx by 5.6% in the 1st quarter. Swiss National Bank now owns 22,500 shares of the company’s stock worth $501,000 after purchasing an additional 1,200 shares during the period. Bank of New York Mellon Corp raised its position in Inhibrx by 1.2% in the 1st quarter. Bank of New York Mellon Corp now owns 86,174 shares of the company’s stock worth $1,920,000 after purchasing an additional 1,017 shares during the period. HighTower Advisors LLC bought a new stake in Inhibrx in the 1st quarter worth $223,000. MetLife Investment Management LLC grew its holdings in Inhibrx by 49.5% in the 1st quarter. MetLife Investment Management LLC now owns 17,227 shares of the company’s stock worth $384,000 after acquiring an additional 5,704 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Inhibrx by 13.1% in the 1st quarter. Rhumbline Advisers now owns 28,409 shares of the company’s stock worth $633,000 after acquiring an additional 3,299 shares during the last quarter. Hedge funds and other institutional investors own 72.79% of the company’s stock.

Inhibrx Company Profile

(Get Rating)

Inhibrx, Inc, a clinical-stage biotechnology company, focuses on developing a pipeline of novel biologic therapeutic candidates. The company's therapeutic candidates include INBRX-109, a tetravalent agonist of death receptor 5, which is in Phase 2 clinical trials to treat cancers, such as chondrosarcoma, mesothelioma, and pancreatic adenocarcinoma; INBRX-105, a tetravalent conditional agonist of programmed death-ligand 1 and a conditional agonist of 4-1BB that is in Phase 1 clinical trials to treat patients with locally advanced or metastatic solid tumors; and INBRX-101, an alpha-1 antitrypsin (AAT)-Fc fusion protein therapeutic candidate, which is in Phase 1 clinical trials for use in the treatment of patients with AAT deficiency.

Further Reading

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