One of the major owners at Inhibrx (NASDAQ: INBX) engaged in a huge insider buy transaction yesterday. Viking Global Investors Lp bought 1,333,333 shares of INBX stock at an average price of $29.99 per share, worth $40 million.
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Based in the U.S., Inhibrx Inc. is a clinical-stage biotechnology company that is building a pipeline of novel biologic therapeutic candidates.
It is important to note that shares of Inhibrx have doubled over the past few days. On October 4, the company announced that there was potential to pursue the accelerated approval of INBRX-101, an optimized recombinant human AAT-Fc fusion protein.
With the recent Buys, the firm now owns 10.78% (4.21 million shares) of the total shares outstanding, with a value of $130.19 million.
Interestingly, TipRanks also provides a list of hot stocks that boasts either a Very Positive or Positive insider confidence signal.
Wall Street’s Take on Inhibrx Stock
The Wall Street community is clearly optimistic about the stock. Overall, the stock commands a Strong Buy consensus rating based on five unanimous Buys. Inhibrx’s average price target of $49.80 implies 60.13% upside potential from current levels.
Further, INBX stock boasts a score of 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
Interestingly, it’s not just corporate Insiders that are bullish on the stock. INBX stock has a very positive signal from hedge fund managers, who added 197.4 million shares during the last quarter.
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