Inhibrx Biosciences, Inc. (NASDAQ:INBX) Sees Large Decline in Short Interest
by Amy Steele · The Cerbat GemInhibrx Biosciences, Inc. (NASDAQ:INBX – Get Free Report) was the recipient of a large decline in short interest during the month of December. As of December 15th, there was short interest totaling 1,049,942 shares, a decline of 20.5% from the November 30th total of 1,321,190 shares. Based on an average daily volume of 196,978 shares, the short-interest ratio is presently 5.3 days. Approximately 7.2% of the shares of the stock are sold short. Approximately 7.2% of the shares of the stock are sold short. Based on an average daily volume of 196,978 shares, the short-interest ratio is presently 5.3 days.
Insider Transactions at Inhibrx Biosciences
In other Inhibrx Biosciences news, major shareholder Global Investors Lp Viking sold 350,000 shares of the 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 sale, the insider owned 67,018 shares in the company, valued at approximately $2,161,330.50. This represents a 83.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Institutional Trading of Inhibrx Biosciences
Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in shares of Inhibrx Biosciences by 71.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,886 shares of the company’s stock worth $64,000 after buying an additional 789 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Inhibrx Biosciences during the third quarter valued at about $40,000. Bank of America Corp DE increased its stake in Inhibrx Biosciences by 19.2% during the second quarter. Bank of America Corp DE now owns 9,130 shares of the company’s stock worth $130,000 after acquiring an additional 1,469 shares during the last quarter. Strs Ohio purchased a new position in shares of Inhibrx Biosciences in the 1st quarter worth about $27,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Inhibrx Biosciences by 11.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company’s stock valued at $428,000 after purchasing an additional 2,963 shares in the last quarter. 82.46% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of analysts recently commented on INBX shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Inhibrx Biosciences in a research note on Wednesday, October 8th. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research note on Wednesday, November 19th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce”.
Read Our Latest Stock Analysis on Inhibrx Biosciences
Inhibrx Biosciences Stock Down 1.2%
Shares of NASDAQ:INBX opened at $79.27 on Tuesday. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 2.71. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -7.91 and a beta of 1.18. The stock’s 50-day moving average price is $77.48 and its two-hundred day moving average price is $43.40. Inhibrx Biosciences has a 12-month low of $10.81 and a 12-month high of $94.57.
Inhibrx Biosciences (NASDAQ:INBX – Get Free Report) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($2.28) EPS for the quarter, beating analysts’ consensus estimates of ($2.94) by $0.66. On average, research analysts forecast that Inhibrx Biosciences will post 104.88 EPS for the current year.
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.