Shares of Inhibrx (NASDAQ: INBX) jumped up in early-morning trading on Tuesday as, following its discussions with the U.S. Food and Drug Administration (FDA), the clinical-stage biopharmaceutical company announced that there was potential to pursue the accelerated approval of INBRX-101, an optimized recombinant human AAT-Fc fusion protein.
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INBRX-101 is used in patients with emphysema, a chronic obstructive pulmonary disease (COPD).
The company also announced plans to initiate in Q1 of next year a potential registration-enabling clinical trial using functional alpha-1 antitrypsin (AAT) as a “surrogate endpoint with the intent to submit for regulatory approval under the FDA’s Accelerated Approval Program.”
INBX also stated that the Phase 1 study of INBRX-101 indicated that patients dosed with INBRX-101 every three or four weeks showed that AATD was maintained “above the lower threshold of the normal range and achieve an average level of functional AAT” that was closer to healthy adults.
AAT is an important protein that protects the lungs from being damaged by infection-fighting agents.
Inhibrx also announced on Monday that it was amending the milestone terms of the last remaining tranche under its loan and security agreement with Oxford Finance so that it can provide for the funding of $30 million considering the announcement of the regulatory path for INBRX-101.
Is INBX Stock a Buy?
Analysts are bullish about the stock with a Strong Buy consensus rating based on a unanimous three Buys.
The average price forecast for INBX stock is $44.33, implying upside potential of 66.7% at current levels.
