In a series of transactions, Mark Lappe, the Chief Executive Officer of Inhibrx Biosciences, Inc. (NASDAQ:INBX), has purchased additional shares of the company's common stock, totaling $596,762. These purchases were made over several days, with prices ranging between $14.02 and $16.31 per share.
The first set of purchases occurred on August 29, 2024, where Lappe acquired 10,000 shares at an average price of $14.03. The following day, another 10,000 shares were added to his holdings at a slightly lower average price of $14.02. The buying continued into early September, with Lappe securing 15,288 shares at an average price of $15.66 on September 3, and concluding with a purchase of 4,712 shares at an average price of $16.31 on the same day.
These transactions have increased Lappe's direct ownership in Inhibrx Biosciences, with the shares being held by the Lappe Descendants' Trust, benefitting his immediate family. According to the filing, Mark Lappe may be deemed to indirectly beneficially own the securities owned by the trust. Additionally, other holdings include those by the Lappe Family Trust, of which Lappe is a trustee, further contributing to his indirect beneficial ownership.
Investors often monitor insider purchases as they can indicate executives' confidence in the company's future performance. The recent acquisitions by Inhibrx's CEO are a testament to his belief in the company's potential, as he increases his stake in the biopharmaceutical firm known for its work in biological products.
For more detailed information on the transactions, Inhibrx and Lappe have expressed their readiness to provide full details regarding the number of shares and the prices at which the transactions were effected upon request to the relevant parties.
In other recent news, Inhibrx Biosciences has been rated 'Market Perform' by JMP Securities following its acquisition by Sanofi (EPA:SASY) (NASDAQ:SNY). This development comes after Sanofi's purchase of INBRX-101, a treatment for alpha-1 antitrypsin deficiency, resulting in the formation of Inhibrx Biosciences. The acquisition, valued at approximately $2.2 billion, has left Inhibrx with a robust financial foundation, boasting $255.4 million in proforma cash, inclusive of an 8% equity investment from Sanofi.
The new entity is now primed to advance its remaining assets, especially its drug candidates ozekibart (INBRX-109) and INBRX-106. These drugs are at the forefront of Inhibrx's development pipeline, with JMP Securities noting the company's solid capitalization, expected to support these drug candidates towards significant clinical readouts by the third quarter of 2025.
The 'Market Perform' rating from JMP Securities suggests a neutral outlook on Inhibrx Biosciences as it embarks on its development journey, backed by a strong balance sheet and a refined focus on research and development activities. This is among the recent developments for the company.
InvestingPro Insights
Amidst the recent insider purchases by Mark Lappe, CEO of Inhibrx Biosciences, Inc. (NASDAQ:INBX), the company's financial health and market performance provide additional context for investors. According to InvestingPro data, Inhibrx currently has a market capitalization of approximately $210.77 million. Despite a challenging gross profit margin reflected in the last twelve months as of Q2 2024, with a figure standing at -11169.95%, the company has shown a substantial quarterly revenue growth of 233.33% in the same period. This indicates a significant increase in sales, which could be a contributing factor to the CEO's confidence in the company's trajectory.
InvestingPro Tips suggest that Inhibrx may be quickly burning through cash and suffers from weak gross profit margins. These observations are crucial for investors to consider when assessing the company's long-term sustainability and profitability. However, it's worth noting that the company's liquid assets exceed its short-term obligations, which suggests a level of financial stability in the near term. Additionally, the company operates with a moderate level of debt, which could provide some flexibility in managing its financial obligations.
It's also noteworthy that Inhibrx has been profitable over the last twelve months, and the CEO's recent stock purchases might reflect an insider's belief in the company's ongoing ability to maintain profitability. However, investors should be aware that Inhibrx does not pay a dividend to shareholders, which means that any return on investment would be reliant on stock price appreciation.
For investors seeking a deeper dive into Inhibrx's financials and market performance, InvestingPro offers additional tips and insights. There are currently six more InvestingPro Tips available at https://www.investing.com/pro/INBX, which could further inform investment decisions regarding Inhibrx Biosciences.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.