Citizens reiterates Market Perform on Inhibrx Biosciences stock

Citizens has maintained a Market Perform rating for Inhibrx Biosciences (NASDAQ: INBX), based on an analysis of revenue and earnings multiples, cash per share, and platform value. The company reported positive Q2 2026 financial results and announced the initiation of two Phase 1 trials for their investigational drug, ozekibart. Inhibrx currently has $219.5 million in pro-forma cash, which will support further development of ozekibart and INBRX-106.

Shares have increased by 357% over the past year, reaching $125.34, but analysts suggest the stock may be overvalued compared to its fair value. With a current ratio of 5.07, Inhibrx shows strong liquidity to support its operations. The company believes the stock is fairly valued, considering the growing competition in head and neck squamous cell carcinoma and colorectal cancer, as well as the substantial capital and time required for two clinical trials.

Additionally, Inhibrx secured a $500 million credit facility from Oxford Finance LLC, receiving $100 million upon agreement execution and an extra $225 million upon the lenders' discretion. The U.S. Food and Drug Administration accepted Inhibrx's Biologics License Application for ozekibart, a potential treatment for unresectable or metastatic conventional chondrosarcoma, with a review goal date of April 14, 2027.

Stifel maintains a Buy rating on Inhibrx with a price target of $325.00, following recent data presentations at ASCO26, citing the durability of ozekibart's single-agent response in Chondrosarcoma that surpassed the median progression-free survival of 5.5 months.