Inhibrx - INITIATION - Winning in a New Modality (TP $70, 3.7x upside, 72 pgs)
Inhibrx is a NASDAQ Biotech with 4 clinical stage assets & the lead asset is set to enter pivotal trials in 2 indications this year. They have a potentially best-in-class single-domain, multi-valent antibody platform. There is clear evidence that its agonists for challenging drug targets such as DR5, 4-1BB, and OX40 have potentially best-in-class profiles with robust target activation and relatively low toxicity. There are multiple catalysts in the next ~12mths, with important readouts on the P1 OX40 & the 4-1BB mono & combo studies with Keytruda. We forecast risk-adjusted product sales to reach $680m by 2028. Our SOTP values INBX at $2.8bn, offering 3.7x upside.For access to the full note, please contact Naresh Chouhan ( )
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