Inhibrx Biosciences (INBX): Assessing Valuation After New Oncology Pipeline and FDA Milestone Updates

Inhibrx Biosciences (INBX) just gave investors a fresh look at its oncology pipeline, highlighting progress in INBRX-106 combo trials with Keytruda and ozekibart studies that could support meaningful FDA conversations in 2026.

See our latest analysis for Inhibrx Biosciences.

That steady clinical drumbeat has been mirrored in the market, with the share price at $83.09 after a 7.09 percent 1 month share price return and a powerful 444.85 percent year to date share price return, contributing to a 498.63 percent 1 year total shareholder return that suggests bullish momentum rather than a one day pop.

If this kind of pipeline driven surge has your attention, it may be a good moment to explore other innovative names across healthcare stocks for fresh ideas beyond Inhibrx.

With shares already reflecting a biotech star turn, but pivotal INBRX-106 and ozekibart readouts still years away, is Inhibrx Biosciences a high-risk, mispriced growth story, or has the market already baked in the next leg of upside?

Price to Book of 32.8x: Is it justified?

At a last close of $83.09, Inhibrx Biosciences trades on a price to book ratio of 32.8 times, a level that signals an aggressive valuation relative to fundamentals and peers.

The price to book multiple compares the company’s market value to the book value of its net assets. It is a common shorthand for how much investors are paying for each dollar of equity in asset heavy, loss making or early stage businesses where earnings are not yet a reliable yardstick.

For Inhibrx, a 32.8 times price to book ratio, despite limited current revenue and ongoing losses, implies the market is heavily front loading expectations of future pipeline success and cash generation into today’s share price rather than waiting for profitability to materialise.

That premium stands in stark contrast to both the broader US biotechs industry average price to book ratio of 2.7 times and the closer peer group average of 9.8 times. This underscores how far investors have re rated Inhibrx’s story above more typical sector benchmarks.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price to book of 32.8x (OVERVALUED)

However, steep losses and reliance on early stage oncology assets mean any clinical setback or funding squeeze could rapidly unwind today’s optimism.

Find out about the key risks to this Inhibrx Biosciences narrative.

Build Your Own Inhibrx Biosciences Narrative

If you see the numbers differently or want to stress test the assumptions yourself, you can spin up your own view in under three minutes: Do it your way.

A great starting point for your Inhibrx Biosciences research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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