Inhibrx, Inc. (INBX) Soars 15%: Is Further Upside Left in the Stock?

·2 min read

Inhibrx, Inc. (INBX) shares soared 15% in the last trading session to close at $18.22. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 32.4% loss over the past four weeks.

Shares of the company were high as optimism has built around its key candidate, INBRX-101 which is being developed for the treatment of alpha-1 antitrypsin deficiency, an inherited orphan disease.

This company is expected to post quarterly loss of $0.62 per share in its upcoming report, which represents a year-over-year change of -21.6%. Revenues are expected to be $1 million, up 12.4% 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 #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Inhibrx, Inc. is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, CorMedix (CRMD), finished the last trading session 2.6% higher at $3.53. CRMD has returned -38.4% over the past month.

For CorMedix , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.23. This represents a change of -15% from what the company reported a year ago. CorMedix currently has a Zacks Rank of #4 (Sell).

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