Inhibrx Biosciences (NASDAQ:INBX) Sets New 1-Year High – Still a Buy?

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares hit a new 52-week high on Wednesday . The company traded as high as $150.47 and last traded at $114.1380, with a volume of 356006 shares changing hands. The stock had previously closed at $84.08.

Analysts Set New Price Targets

INBX has been the subject of a number of research analyst reports. Zacks Research upgraded shares of Inhibrx Biosciences to a “hold” rating in a report on Thursday, April 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Inhibrx Biosciences in a report on Thursday, January 22nd. Stifel Nicolaus initiated coverage on shares of Inhibrx Biosciences in a report on Wednesday, April 8th. They set a “buy” rating and a $150.00 price objective for the company. Finally, Wall Street Zen lowered shares of Inhibrx Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $150.00.

Inhibrx Biosciences Stock Performance

The company has a debt-to-equity ratio of 12.58, a quick ratio of 3.93 and a current ratio of 3.93. The firm has a market cap of $1.75 billion, a P/E ratio of -13.27 and a beta of 1.82. The firm’s fifty day moving average price is $74.30 and its 200 day moving average price is $73.09.

Inhibrx Biosciences (NASDAQ:INBX) last posted its quarterly earnings results on Thursday, March 19th. The company reported ($2.11) EPS for the quarter, missing the consensus estimate of ($2.08) by ($0.03). Sell-side analysts expect that Inhibrx Biosciences, Inc. will post -11.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Inhibrx Biosciences

Several large investors have recently modified their holdings of INBX. Morgan Stanley raised its holdings in shares of Inhibrx Biosciences by 163.7% in the 4th quarter. Morgan Stanley now owns 1,167,728 shares of the company’s stock valued at $92,251,000 after purchasing an additional 724,872 shares in the last quarter. Capital Research Global Investors bought a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at about $33,304,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Inhibrx Biosciences in the 4th quarter valued at about $20,856,000. Caligan Partners LP bought a new stake in shares of Inhibrx Biosciences in the 3rd quarter valued at about $7,961,000. Finally, State Street Corp raised its holdings in shares of Inhibrx Biosciences by 83.9% in the 4th quarter. State Street Corp now owns 374,961 shares of the company’s stock valued at $29,622,000 after purchasing an additional 171,038 shares in the last quarter. Institutional investors own 82.46% of the company’s stock.

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.