Inhibrx Biosciences (NASDAQ:INBX) Reaches New 52-Week High – Here’s Why

Inhibrx Biosciences, Inc. (NASDAQ:INBX) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $89.43 and last traded at $87.41, with a volume of 275711 shares. The stock had previously closed at $82.96.

Analyst Ratings Changes

INBX has been the subject of several recent analyst reports. JMP Securities reiterated a “market perform” rating on shares of Inhibrx Biosciences in a report on Friday, August 22nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. Finally, Citigroup restated a “market perform” rating on shares of Inhibrx Biosciences in a report on Wednesday, November 19th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Inhibrx Biosciences has a consensus rating of “Reduce”.

Inhibrx Biosciences Stock Performance

The firm’s fifty day moving average is $61.01 and its 200 day moving average is $34.75. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -8.72 and a beta of 1.18. The company has a debt-to-equity ratio of 2.71, a current ratio of 4.49 and a quick ratio of 4.49.

Inhibrx Biosciences (NASDAQ:INBX) last released its earnings results on Thursday, November 13th. The company reported ($2.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.94) by $0.66. On average, analysts predict that Inhibrx Biosciences, Inc. will post 104.88 EPS for the current fiscal year.

Insider Transactions at Inhibrx Biosciences

In related news, major shareholder Global Investors Lp Viking sold 350,000 shares of Inhibrx Biosciences stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $32.25, for a total transaction of $11,287,500.00. Following the completion of the sale, the insider owned 67,018 shares of the company’s stock, valued at approximately $2,161,330.50. This trade represents a 83.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 17.09% of the company’s stock.

Institutional Investors Weigh In On Inhibrx Biosciences

Several institutional investors have recently made changes to their positions in INBX. Public Employees Retirement System of Ohio acquired a new stake in Inhibrx Biosciences in the 3rd quarter worth $40,000. BNP Paribas Financial Markets lifted its stake 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 valued at $64,000 after buying an additional 789 shares during the period. Strs Ohio acquired a new stake in Inhibrx Biosciences during the first quarter worth about $27,000. Arrowstreet Capital Limited Partnership acquired a new stake in Inhibrx Biosciences during the third quarter worth about $202,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Inhibrx Biosciences during the third quarter valued at about $249,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

About Inhibrx Biosciences

Inhibrx, Inc, a clinical-stage biopharmaceutical company, develops a pipeline of novel biologic therapeutic candidates. The company's therapeutic candidate includes 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.