Inhibrx, Inc. (NASDAQ:INBX) Sees Significant Drop in Short Interest

Inhibrx, Inc. (NASDAQ:INBX) was the target of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 700,700 shares, a drop of 6.9% from the August 15th total of 752,900 shares. Approximately 6.9% of the company’s stock are short sold. Based on an average daily volume of 154,100 shares, the days-to-cover ratio is currently 4.5 days.

Inhibrx Stock Up 2.9 %

NASDAQ:INBX opened at $17.49 on Friday. The firm’s 50-day moving average price is $13.96 and its 200-day moving average price is $23.38. Inhibrx has a 1-year low of $10.80 and a 1-year high of $18.95.

Inhibrx (NASDAQ:INBX) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $125.48 earnings per share for the quarter, topping the consensus estimate of ($3.60) by $129.08. The business had revenue of $0.10 million during the quarter. As a group, sell-side analysts predict that Inhibrx will post 87.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, JMP Securities started coverage on shares of Inhibrx in a research report on Tuesday, July 23rd. They issued a “market perform” rating on the stock.

Insiders Place Their Bets

In other news, CEO Mark Lappe purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of $15.81 per share, with a total value of $316,200.00. Following the completion of the transaction, the chief executive officer now directly owns 165,000 shares of the company’s stock, valued at $2,608,650. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders purchased 105,679 shares of company stock worth $1,630,337. 22.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vestal Point Capital LP acquired a new stake in shares of Inhibrx during the 4th quarter worth about $58,140,000. MMCAP International Inc. SPC acquired a new position in Inhibrx during the first quarter worth $15,782,000. PFM Health Sciences LP grew its holdings in Inhibrx by 86.4% in the fourth quarter. PFM Health Sciences LP now owns 537,964 shares of the company’s stock valued at $20,443,000 after purchasing an additional 249,347 shares during the last quarter. Alpine Global Management LLC acquired a new stake in Inhibrx in the first quarter valued at $1,224,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Inhibrx in the fourth quarter valued at $894,000. Hedge funds and other institutional investors own 82.46% of the company’s stock.

Inhibrx Company Profile

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.