Inhibrx initiated with a Market Perform at JMP Securities

JMP Securities analyst Reni Benjamin initiated coverage of Inhibrx with a Market Perform rating without a price target following Sanofi’s acquisition of INBRX-101 and subsequent spinout of the remaining assets. The analyst believes the company is well capitalized to develop its hexavalent OR40 agonist and DR5 agonist but sees the shares as fairly valued.