Key insights
- Stifel reiterated a Buy rating on Inhibrx Biosciences (INBX) based on positive key opinion leader feedback regarding their INBRX-106 drug candidate. Experts highlighted the drug's potential in activating T-cells and improving outcomes in immunotherapy-refractory patients, particularly in head and neck squamous cell carcinoma. While the stock is considered overvalued by some metrics, the positive clinical outlook could support continued investor interest in the biotech sector.
Investing.com - Stifel reiterated a Buy rating and $150.00 price target on Inhibrx Biosciences (NASDAQ:INBX) stock following a key opinion leader call discussing the company’s INBRX-106 drug candidate. The stock has surged 625% over the past year to $83.11, though InvestingPro analysis suggests the shares are currently overvalued relative to its Fair Value estimate.
The firm hosted a call with Dr. William Redmond of Providence Cancer Institute and Dr. Ezra Cohen of Tempus to discuss INBRX-106, Inhibrx’s hexavalent OX40 agonist. Dr. Redmond attributed INBRX-106’s potency and clinical success to its hexavalent structure, enabling T-cell activation traditional designs could not achieve.
Dr. Redmond said OX40’s temporal regulation should localize activity in the tumor microenvironment and minimize systemic toxicity. Dr. Cohen expressed renewed optimism for OX40 following Inhibrx’s data in immunotherapy-refractory patients.
For the randomized first-line head and neck squamous cell carcinoma interim overall response rate disclosure, Dr. Cohen targets a 15% absolute delta over Keytruda. He said the true value of an OX40 combination is in raising the tail of the overall survival curve rather than producing transient targeted therapy-like overall response rate signals.
The key opinion leaders view first-line head and neck squamous cell carcinoma as a strategic proof of concept and INBRX-106 as an immunotherapy add-on for neoadjuvant and non-head and neck squamous cell carcinoma indications pending further clinical validation.
In other recent news, Stifel has initiated coverage on Inhibrx Biosciences with a buy rating, setting a price target of $150.00. The firm highlighted Inhibrx’s use of its proprietary platform to advance drug candidates Ozekibart and INBRX-106 further in clinical trials than previous programs targeting these areas. Stifel noted that Inhibrx has developed a dual-track strategic opportunity, indicating potential for future growth. These developments reflect the latest strategic moves by Inhibrx Biosciences.
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