Inhibrx downgraded to Market Perform from Outperform at LifeSci Capital

LifeSci Capital downgraded Inhibrx (INBX) to Market Perform from Outperform with a price target of $36, down from $55, after the company announced the sale of INBRX-101 to Sanofi (SNY) for $30 per share in cash plus a contingent value right of $5 per share upon achievement of an FDA approval of INBRX-101. The firm says all non-101 of Inhibrx’s assets will be spun-out into a new public company.