Key Highlights

  • Inhibrx Biosciences shares are trading at $99.63 in Wednesday's session, down 9.98%.
  • The pullback gives back a portion of massive gains accumulated since April 2026, when reports surfaced that Merck and Ono Pharmaceutical were exploring deals for INBX-106.
  • INBX-106 has been potentially valued above $8 billion amid deal speculation, alongside encouraging Phase 1/2 colorectal cancer data for second asset ozekibart.
  • The decline comes as investors appear to be booking profits ahead of the company's planned FDA meeting later this year to discuss late-stage trial design.

Shares Pull Back From Massive Prior Gains

Inhibrx Biosciences (NASDAQ:INBX) shares are pulling back sharply in Wednesday's session, giving back a portion of the massive gains accumulated since April 2026, when reports first surfaced that Merck (NYSE:MRK) and Ono Pharmaceutical were exploring deals for the company's INBX-106 cancer program, potentially valued above $8 billion. The stock, which had surged on that optimism alongside encouraging Phase 1/2 colorectal cancer data for its second asset ozekibart, is now retreating as investors appear to be booking profits ahead of reassessing near-term catalysts.

A Protein Engineering Platform With Two Lead Assets

Inhibrx Biosciences is a clinical-stage biopharmaceutical company headquartered in La Jolla, California, focused on developing novel biologic therapeutics for people with life-threatening conditions, including cancer and orphan diseases. Leveraging its proprietary modular protein engineering and single-domain antibody platforms, the company designs multivalent and multispecific therapeutic candidates with optimized target engagement, including INBX-109, a tetravalent death-receptor 5 agonist in Phase 1 development, and INBX-106, a hexavalent OX40 agonist being evaluated across multiple solid tumor indications.

Normalization Rather Than a New Setback

With no fresh negative company-specific news identified today, the decline looks more like a normalization after an extended run-up than a reaction to any new setback, though thin trading Volume relative to average suggests the move may be exaggerated by lower liquidity. Founded in January 2024 following the divestiture of INBX-101 to Sanofi and led by CEO Mark Lappe, Inhibrx Biosciences trades on Nasdaq with a market focus on advancing its late-stage pipeline toward the planned FDA discussion on trial design.