Tuesday, JMP Securities reiterated its Market Perform rating on Inhibrx Biosciences (NASDAQ:INBX) following the company’s fourth-quarter earnings report and corporate updates. According to InvestingPro data, the company currently trades at $13.94 with a market capitalization of $201.79 million. Inhibrx, a clinical-stage biotechnology company, announced its earnings yesterday, along with revised guidance for its upcoming Chondragon data readout, now anticipated in the third quarter of 2025. The adjustment from the previously expected second quarter is due to a delay in the progression of events.
In their financial update, Inhibrx highlighted a strong cash position of $152.6 million, which is expected to support the continued development of its key drug candidates. InvestingPro analysis shows the company maintains a healthy current ratio of 3.94, indicating strong liquidity, though it’s worth noting the company is quickly burning through cash. The company is advancing ozekibart (INBRX-109), a tetravalent DR5 agonist, and INBRX-106, a hexavalent OR40 agonist. Both drugs are progressing towards important readouts, slated for the third and fourth quarters of 2025, respectively.
JMP Securities’ assessment of Inhibrx’s stock value takes into account the projected cash position at the end of the fourth quarter of 2025, which is estimated to be $73.2 million with 15.7 million shares outstanding. This calculation leads to a per-share value of $4.66. Additionally, JMP Securities assigns a platform value to Inhibrx of $6.31. However, InvestingPro’s Fair Value analysis suggests the stock is currently undervalued, with additional metrics and insights available in the comprehensive Pro Research Report, covering this and 1,400+ other US equities.
The company’s financial stability and the progress in its drug development pipeline are key factors in maintaining the Market Perform rating. InvestingPro’s Financial Health Score of 2.89 (rated as GOOD) supports this assessment, despite analysts anticipating a sales decline in the current year. The updated timelines for the clinical readouts are now set for later in 2025, and these milestones will be critical for the company’s future prospects.
Investors and stakeholders in Inhibrx Biosciences will be closely monitoring the progress of ozekibart and INBRX-106 as the company approaches these significant clinical milestones. The outcomes of these trials could have important implications for the company’s valuation and future growth trajectory.
In other recent news, Inhibrx Biosciences, Inc. reported promising preliminary results from a Phase 1 trial of its drug ozekibart in combination with FOLFIRI for advanced colorectal adenocarcinoma. The trial demonstrated encouraging efficacy and safety outcomes, with one complete response and three partial responses among ten patients. Inhibrx has also secured a $150 million credit facility from Oxford Finance LLC to support its ongoing clinical programs. The agreement includes an initial $100 million term loan, with an option for an additional $50 million. The company issued warrants for the purchase of 140,741 shares of its common stock as part of the financing deal. Inhibrx plans to use this financial flexibility to advance its INBRX-109 and INBRX-106 programs, with key data readouts anticipated in 2025. Oxford Finance LLC expressed confidence in the potential of Inhibrx’s clinical programs. These developments reflect Inhibrx’s commitment to addressing complex diseases through innovative therapies.
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