Inhibrx Biosciences, Inc. (NASDAQ:INBX) director Jon Faiz Kayyem has made significant purchases of the company's stock, according to recent filings. Kayyem acquired shares worth approximately $4.93 million over a series of transactions, demonstrating a strong belief in the biotech firm's future.
The transactions occurred between May 31 and June 4, with prices ranging from $16.14 to $18.24 per share. The purchases were made indirectly through The Jon F. Kayyem and Paige Gates-Kayyem Family Trust, suggesting a long-term investment perspective.
On May 31, Kayyem bought 70,193 shares at an average price of $16.14. The buying spree continued into June, with 46,792 shares purchased at an average of $16.61 on June 3. That same day, an additional 80,738 shares were acquired at an average price of $17.90. On June 4, Kayyem added 65,337 shares at an average price of $17.44, followed by 23,726 shares at an average of $18.24.
These transactions have increased Kayyem’s stake in Inhibrx Biosciences significantly, reflecting confidence in the company's pipeline and growth prospects. The reported prices represent the weighted-average purchase price, with the exact number of shares bought at each price available upon request.
Investors often look to insider buying as a signal of a stock's potential value, and Kayyem's purchases could be interpreted as a bullish indicator for Inhibrx Biosciences. The company, which specializes in biological products, continues to focus on developing innovative treatments in the biopharmaceutical space.
InvestingPro Insights
Recent activity around Inhibrx Biosciences, Inc. (NASDAQ:INBX) has caught the attention of market watchers, with director Jon Faiz Kayyem making substantial investments in the company's stock. This vote of confidence is mirrored in the company's performance metrics, as provided by InvestingPro. Inhibrx Biosciences boasts a striking 29.45% total return over various periods, including the last week, month, three months, six months, and year-to-date as of mid-year 2024. This consistent performance is significant, considering the company's current market capitalization of $256.63 million and its trading near the 52-week high at 99.19% of that peak value.
While these returns may paint a rosy picture, InvestingPro Tips suggest a more nuanced view. The company suffers from weak gross profit margins and a valuation that implies a poor free cash flow yield, which are essential factors for investors to consider. Furthermore, it's worth noting that Inhibrx does not pay a dividend to shareholders, which might influence investment decisions for those seeking regular income streams.
For investors intrigued by the recent insider buying and the company's performance, further exploration of these metrics can offer deeper insights. There are additional InvestingPro Tips available that could further guide investment decisions. To uncover more valuable tips, visit InvestingPro and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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