Short Interest in Inhibrx, Inc. (NASDAQ:INBX) Drops By 12.8%

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. JMP Securities lowered their target price on shares of Inhibrx from $35.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 23rd. Lifesci Capital reissued an “outperform” rating on shares of Inhibrx in a research note on Tuesday, August 8th.

Inhibrx Price Performance

Shares of NASDAQ:INBX traded down $0.29 during trading on Tuesday, reaching $20.75. The stock had a trading volume of 391,712 shares, compared to its average volume of 407,628. The company has a debt-to-equity ratio of 13.61, a quick ratio of 6.49 and a current ratio of 6.49. Inhibrx has a 1-year low of $12.60 and a 1-year high of $34.72. The stock has a market cap of $906.15 million, a PE ratio of -5.20 and a beta of 2.68. The business has a fifty day moving average price of $20.79 and a 200-day moving average price of $22.24.

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

Insider Activity at Inhibrx

In other news, major shareholder Global Investors Lp Viking purchased 511,627 shares of the stock in a transaction on Monday, August 28th. The stock was bought at an average price of $19.35 per share, with a total value of $9,899,982.45. Following the transaction, the insider now 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. 25.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Inhibrx

A number of large investors have recently made changes to their positions in INBX. Point72 Hong Kong Ltd increased its holdings in shares of Inhibrx by 154.6% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,879 shares of the company’s stock worth $33,000 after buying an additional 1,748 shares during the last quarter. Quantbot Technologies LP lifted its position in Inhibrx by 90.8% in the second quarter. Quantbot Technologies LP now owns 5,915 shares of the company’s stock valued at $67,000 after buying an additional 2,815 shares during the last quarter. Royal Bank of Canada increased its position 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 valued at $87,000 after acquiring an additional 1,135 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Inhibrx by 52.7% in the 2nd quarter. Legal & General Group Plc now owns 8,383 shares of the company’s stock worth $95,000 after acquiring an additional 2,892 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Inhibrx by 24.6% during the 3rd 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. 82.46% of the stock is currently owned by hedge funds and other institutional investors.

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.