Inhibrx Biosciences – INITIATION - A Second Bite of the Apple (BUY, TP $33, 44pgs)
Inhibrx Bio is a NASDAQ biotech with 2 clinical stage assets, ozekibart (‘109) and ‘106, both with data reading out in mid-2025. It’s previous lead asset, ‘101, was sold to Sanofi for ~$2bn through Inhibrx Inc. Other assets and the best-in-class single-domain, multi-valent antibody platform transferred to Inhibrx Bio, which also received $255m of cash from SAN. We show clear evidence that Inhibrx’s agonists for challenging drug targets DR5 and OX40 have best-in-class profiles with robust target activation and relatively low toxicity. We believe another Sanofi-like deal for one of the drugs is highly possible next year, dependent on readouts, yet the business currently flies under the radar, trading below net cash. TP $33. BUY.For access to the full initiation, please contact Naresh Chouhan ( )
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