Inhibrx, Inc. (NASDAQ:INBX) Sees Large Decline in Short Interest

Inhibrx, Inc. (NASDAQ:INBX) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 5,090,000 shares, a decrease of 12.8% from the August 15th total of 5,840,000 shares. Based on an average daily trading volume, of 398,300 shares, the days-to-cover ratio is currently 12.8 days. Approximately 15.3% of the shares of the stock are short sold.

Inhibrx Stock Performance

Shares of INBX stock traded down $0.29 during mid-day trading on Tuesday, reaching $20.75. The stock had a trading volume of 355,126 shares, compared to its average volume of 407,385. The firm’s 50 day simple moving average is $20.79 and its 200 day simple moving average is $22.24. The company has a quick ratio of 6.49, a current ratio of 6.49 and a debt-to-equity ratio of 13.61. Inhibrx has a one year low of $12.60 and a one year high of $34.72. The firm has a market cap of $906.15 million, a PE ratio of -5.20 and a beta of 2.68.

Inhibrx (NASDAQ:INBX) last posted its earnings results on Monday, August 7th. The company reported ($1.08) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.06). The company had revenue of $0.03 million for the quarter. Inhibrx had a negative return on equity of 5,168.31% and a negative net margin of 28,749.25%. On average, analysts forecast that Inhibrx will post -4.08 EPS for the current year.

Insider Activity

In related news, major shareholder Global Investors Lp Viking bought 511,627 shares of Inhibrx stock in a transaction dated Monday, August 28th. The stock was acquired at an average cost of $19.35 per share, with a total value of $9,899,982.45. Following the completion of the acquisition, the insider now directly owns 511,627 shares in the company, valued at approximately $9,899,982.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 25.80% of the company’s stock.

Hedge Funds Weigh In On Inhibrx

Institutional investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd increased its stake in shares of Inhibrx by 154.6% in the 2nd quarter. Point72 Hong Kong Ltd now owns 2,879 shares of the company’s stock valued at $33,000 after buying an additional 1,748 shares during the period. Quantbot Technologies LP grew its stake in shares of Inhibrx by 90.8% during the second quarter. Quantbot Technologies LP now owns 5,915 shares of the company’s stock worth $67,000 after purchasing an additional 2,815 shares during the period. Royal Bank of Canada grew its stake in shares of Inhibrx by 51.0% during the second quarter. Royal Bank of Canada now owns 3,360 shares of the company’s stock worth $87,000 after purchasing an additional 1,135 shares during the period. Legal & General Group Plc grew its stake in shares of Inhibrx by 52.7% during the second quarter. Legal & General Group Plc now owns 8,383 shares of the company’s stock worth $95,000 after purchasing an additional 2,892 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in shares of Inhibrx by 24.6% during the third quarter. Tower Research Capital LLC TRC now owns 5,653 shares of the company’s stock worth $101,000 after purchasing an additional 1,115 shares during the period. Institutional investors own 82.46% of the company’s stock.

Analyst Upgrades and Downgrades

INBX has been the topic of several research reports. JMP Securities dropped their target price on Inhibrx from $35.00 to $27.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 23rd. Lifesci Capital reissued an “outperform” rating on shares of Inhibrx in a report on Tuesday, August 8th.

About Inhibrx

Inhibrx, Inc, a clinical-stage biopharmaceutical 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.