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Inhibrx, Inc. (INBX) Soars 8.9%: Is Further Upside Left in the Stock?
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Inhibrx, Inc. (INBX - Free Report) shares ended the last trading session 8.9% higher at $36.30. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.6% gain over the past four weeks.
The share price rose after Inhibrx announced that it has signed a deal with Sanofi to sell its pipeline candidate INBRX-101, which is being evaluated in a mid-stage study for alpha-1 antitrypsin deficiency (AATD). The deal is valued at an aggregate transaction value of nearly $2.2 billion.
Per the deal terms, Sanofi will initially acquire all outstanding shares of Inhibrx through a merger. Post this acquisition, Sanofi will retain the AATD candidate and will spin out all the other pipeline programs acquired from Inhibrx into a new publicly traded company, Inhibrx Biosciences, Inc. (‘New Inhibrx’), which will continue to be operated by Inhibrx’s current management.
As part of the deal, Sanofi will also pay off all of Inhibrx’s currently outstanding third-party debt and will also capitalize on the newly formed company with $200 million in cash.
This company is expected to post quarterly loss of $1.07 per share in its upcoming report, which represents a year-over-year change of -12.6%. Revenues are expected to be $0.1 million, down 63% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Inhibrx, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on INBX going forward to see if this recent jump can turn into more strength down the road.
Inhibrx, Inc. is part of the Zacks Medical - Biomedical and Genetics industry. C4 Therapeutics, Inc. (CCCC - Free Report) , another stock in the same industry, closed the last trading session 1.1% lower at $5.64. CCCC has returned 27.8% in the past month.
For C4 Therapeutics, Inc., the consensus EPS estimate for the upcoming report has changed +1.1% over the past month to -$0.63. This represents a change of +17.1% from what the company reported a year ago. C4 Therapeutics, Inc. currently has a Zacks Rank of #2 (Buy).
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Inhibrx, Inc. (INBX) Soars 8.9%: Is Further Upside Left in the Stock?
Inhibrx, Inc. (INBX - Free Report) shares ended the last trading session 8.9% higher at $36.30. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.6% gain over the past four weeks.
The share price rose after Inhibrx announced that it has signed a deal with Sanofi to sell its pipeline candidate INBRX-101, which is being evaluated in a mid-stage study for alpha-1 antitrypsin deficiency (AATD). The deal is valued at an aggregate transaction value of nearly $2.2 billion.
Per the deal terms, Sanofi will initially acquire all outstanding shares of Inhibrx through a merger. Post this acquisition, Sanofi will retain the AATD candidate and will spin out all the other pipeline programs acquired from Inhibrx into a new publicly traded company, Inhibrx Biosciences, Inc. (‘New Inhibrx’), which will continue to be operated by Inhibrx’s current management.
As part of the deal, Sanofi will also pay off all of Inhibrx’s currently outstanding third-party debt and will also capitalize on the newly formed company with $200 million in cash.
This company is expected to post quarterly loss of $1.07 per share in its upcoming report, which represents a year-over-year change of -12.6%. Revenues are expected to be $0.1 million, down 63% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Inhibrx, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on INBX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Inhibrx, Inc. is part of the Zacks Medical - Biomedical and Genetics industry. C4 Therapeutics, Inc. (CCCC - Free Report) , another stock in the same industry, closed the last trading session 1.1% lower at $5.64. CCCC has returned 27.8% in the past month.
For C4 Therapeutics, Inc., the consensus EPS estimate for the upcoming report has changed +1.1% over the past month to -$0.63. This represents a change of +17.1% from what the company reported a year ago. C4 Therapeutics, Inc. currently has a Zacks Rank of #2 (Buy).