- Chondrosarcoma trial success: Inhibrx’s Phase 2 “ChonDRAgon” study met its primary endpoint in advanced chondrosarcoma. Ozekibart (INBRX-109) cut progression/death risk by 52% and more than doubled median progression-free survival to 5.52 vs 2.66 months on placebo [1].
- Additional cancer data: Interim expansion cohorts also showed promise. Ozekibart plus FOLFIRI yielded a 23% overall response rate (ORR) and 92% disease control rate in heavily pretreated colorectal cancer, and ozekibart with irinotecan/temozolomide gave a 64% ORR (92% control) in relapsed Ewing sarcoma [2] [3].
- Stock market reaction: The news triggered a huge stock move. INBX leaped ~70% intraday on Oct. 23 and closed at $28.36 [4] [5]. In after-hours trading shares spiked another ~75–80% (to about $50–$51) on Oct. 23 [6] [7].
- Next steps: Management plans to file a Biologics License Application (BLA) in Q2 2026 based on these data [8]. If approved, ozekibart would be the first systemic therapy for chondrosarcoma (a rare bone cancer with no approved drug).
- Expert reaction: Dr. Robin Jones (Royal Marsden Hospital) praised the results: “I am very encouraged and enthusiastic… [ozekibart] keeps the cancer from growing, improves how patients feel, and restores hope” [9]. CEO Mark Lappe noted the broader impact, saying the data are “exciting” and support exploring ozekibart in multiple hard-to-treat cancers [10].
- Current stock stats: As of Oct. 23 close, INBX trades around $28.36 with a ~$410 million market cap [11]. The stock is up roughly 84% year-to-date [12] (52-week range $10.80–$39.27 [13]). Analysts have mostly “Hold” ratings, with average price targets in the low $30s (TipRanks AI saw a neutral $38 target [14]).
- Market sentiment: Social and online buzz exploded – INBX became a top trending ticker on StockTwits (sentiment ~60–67%) [15] [16] as investors digested the news.
Breakthrough Trial Results in Rare Bone Cancer
Inhibrx’s lead drug, ozekibart, achieved a landmark win in its ChonDRAgon trial for advanced conventional chondrosarcoma. This rare bone cancer has no approved systemic therapies, so the positive data are significant. According to the company and press accounts, the trial met its primary endpoint with a statistically significant jump in progression-free survival (PFS) [17]. Patients on ozekibart lived a median 5.52 months without progression versus 2.66 months on placebo – a 52% reduction in the risk of progression or death [18]. All patient subgroups (including those with or without IDH mutations) saw benefit, and secondary measures like disease-control rate (54% vs 27.5% on placebo) and quality-of-life scores also favored ozekibart [19].
The company also reported encouraging results in other cohorts. In a small heavily pretreated colorectal cancer group, ozekibart + FOLFIRI produced a 23% ORR and 92% disease control [20] – well above the ~5–6% response rate typically expected. In relapsed Ewing sarcoma patients, ozekibart + irinotecan/temozolomide showed a 64% ORR with 92% disease control [21]. Safety was described as manageable; early hepatotoxicity events were mitigated through patient monitoring and screening. Importantly, ozekibart had already earned FDA Fast Track and orphan drug designations in 2021 [22], reflecting the urgent need in chondrosarcoma.
Dr. Robin Jones of the Royal Marsden Hospital (a sarcoma specialist) reacted to the news: “I am very encouraged and enthusiastic about ozekibart and the impact I have seen on my sarcoma patients,” noting that with no approved treatments available, “we have observed that ozekibart helps to keep the cancer from growing, improves how patients feel, and restores a sense of hope” [23]. CEO Mark Lappe echoed the optimism, saying the results suggest ozekibart could help patients “not only in sarcomas but also in high unmet need solid tumor indications,” and that Inhibrx will work with the FDA “to deliver ozekibart to patients as swiftly as possible” [24].
Dramatic Stock Market Reaction
Investors reacted immediately to the clinical news. On Oct. 23, INBX stock soared roughly 70% in pre-market and intraday trading on heavy volume [25]. By the regular session close, the stock had given back some gains and closed at $28.36, about +2.6% on the day [26] [27]. However, the rally continued strongly in after-hours trading on Oct. 23. Nasdaq’s RTT News reported INBX shares went up over 81% to $51.52 after the market, driven by the positive trial data [28]. Benzinga confirmed the stock closed the session at about $49.90, a +75.95% increase [29].
In short order, INBX rocketed from its Monday high of $38.22 up toward $50. Even after this surge, the stock remains volatile – for example, immediately following the spike, intraday pullbacks brought it back near the $30 range. As of late Oct. 23, INBX traded around $28.36 [30] (with an ~$410 million market cap). Traders note that this is far above its 52-week low (~$10.80), but still below its peak just after the news. Year-to-date, INBX is up about 84% [31], reflecting the wild swings typical of early-stage biotech. Analysts are cautious: JMP Securities (via Investing.com) currently rates INBX as “Market Perform” (a neutral view) based on its balanced financial position [32], and TipRanks’ AI model similarly gives a “Neutral” rating with a roughly $38 price target [33].
Financial and Corporate Context
Inhibrx Biosciences only began trading publicly in mid-2024 after a corporate reorganization and the Sanofi deal. Last year Inhibrx Inc. spun off its remaining assets (including ozekibart) into the new public company (INBX) while selling the INBRX-101 program to Sanofi for about $2.2 billion [34] [35]. Under those terms, Sanofi left INBX with a strong cash position – roughly $255 million in pro forma cash plus an 8% Sanofi equity stake [36]. This funding gives INBX a runway to push its two-phase pipelines (ozekibart and the head-and-neck drug INBRX-106) through upcoming trials.
In the second quarter 2025 (reported Aug. 13), Inhibrx had about $186.6 million in cash on hand, down from $216.5 million the prior quarter, after financing its ongoing trials [37]. R&D spending remains high (over $22 million in Q2) as the company prepares for multiple data readouts. Net losses continue (about $28.7 million, -$1.85 per share in Q2 2025 [38]), since revenues are minimal (one-time license fees). Management says no dividends are planned, as INBX focuses on growth.
Looking ahead, Inhibrx has announced it will discuss the full ChonDRAgon data at the Connective Tissue Oncology Society meeting on Nov. 14, 2025. The company continues to monitor follow-on cohorts and expects to complete enrollment of its head/neck and lung oncology trials later in 2025. Most importantly, CEO Lappe stated the intent to file a Biologics License Application by Q2 2026 based on the chondrosarcoma data [39]. This BLA timing is critical: if the data hold up, INBX could potentially gain FDA approval and become the first chondrosarcoma drug.
Analyst Views and Industry Comparison
Independent analysts have limited coverage of Inhibrx, but general sentiment is that the stock is a high-risk, high-reward play. JMP Securities (Citizens Capital Markets) initially rated INBX a “Buy” in 2023 but has since moved to Market Perform (Hold) as clinical results become the main driver [40] [41]. No major Wall Street firm has issued a recent new price target publicly; databases show a consensus “hold” and targets mostly in the $30–$40 range. For example, TipRanks’ aggregated view sees a neutral 53/100 score and ~$38 target [42]. Retail-oriented forecasters (Coincodex, WalletInvestor, etc.) offer varied predictions; Coincodex recently hinted at a rise to ~$44 by mid-November (reflecting the post-data surge). Investors should note Inhibrx’s fundamentals: a small market cap, no current product revenue, and continued R&D burn, which aligns it with other late-stage biotech startups.
Compared to peer biotech stocks, Inhibrx’s recent rally is reminiscent of other small-cap developers that surge on positive data. For instance, mid-cap oncology firms often double or triple on strong trial outcomes. Inhibrx’s situation is somewhat unique (few competitors target chondrosarcoma specifically), but the stock is now trading similarly to peers in orphan oncology (e.g. companies like Aadi Bioscience or Moleculin only after positive news). Market commentators note that biotech indexes rose on Oct. 24 as sector momentum built, with INBX frequently cited among the top movers [43].
Public Sentiment and Social Buzz
Retail investor chatter and social media sentiment spiked alongside the stock move. INBX was a top trending ticker on StockTwits, with a buzz score around 60–67% on Oct. 23–24 [44] [45]. Reddit and Twitter threads lit up with news of the ozekibart data. This kind of fervor is common when a small biotech surprises the market. According to social metrics, posts about INBX overwhelmingly turned positive (greedy) right after the announcement [46]. MarketBeat, tracking sentiment data, notes institutional ownership is about 72% [47], suggesting the move also caught funds by surprise.
In summary, Inhibrx is now in the spotlight. Its stock has become extremely volatile – one day up 70–80%, the next day off some gains – so public investors are watching closely. The breakthrough trial results have fundamentally changed the narrative: INBX is no longer a theoretical pipeline bet, but a company with convincing late-stage data. The next months will test whether the enthusiasm holds as Inhibrx prepares for regulatory meetings and the long path to FDA approval.
Sources: Inhibrx press releases (via BioSpace) [48] [49] [50]; financial news outlets Investing.com [51] [52], InvestingPro, RTTNews/Nasdaq [53], Benzinga [54] [55], MarketBeat [56], TipRanks [57], and StockTwits data [58] [59].
References
1. www.biospace.com, 2. www.biospace.com, 3. www.biospace.com, 4. www.investing.com, 5. www.benzinga.com, 6. www.nasdaq.com, 7. www.benzinga.com, 8. www.biospace.com, 9. www.biospace.com, 10. www.biospace.com, 11. www.marketbeat.com, 12. www.benzinga.com, 13. www.benzinga.com, 14. www.tipranks.com, 15. stocktwits.com, 16. stocktwits.com, 17. www.biospace.com, 18. www.biospace.com, 19. www.biospace.com, 20. www.biospace.com, 21. www.biospace.com, 22. www.biospace.com, 23. www.biospace.com, 24. www.biospace.com, 25. www.investing.com, 26. www.investing.com, 27. www.marketbeat.com, 28. www.nasdaq.com, 29. www.benzinga.com, 30. www.marketbeat.com, 31. www.benzinga.com, 32. www.investing.com, 33. www.tipranks.com, 34. inhibrx.investorroom.com, 35. inhibrx.investorroom.com, 36. www.investing.com, 37. inhibrxbiosciences.investorroom.com, 38. inhibrxbiosciences.investorroom.com, 39. www.biospace.com, 40. stockanalysis.com, 41. www.investing.com, 42. www.tipranks.com, 43. www.nasdaq.com, 44. stocktwits.com, 45. stocktwits.com, 46. stocktwits.com, 47. www.gurufocus.com, 48. www.biospace.com, 49. www.biospace.com, 50. www.biospace.com, 51. www.investing.com, 52. www.investing.com, 53. www.nasdaq.com, 54. www.benzinga.com, 55. www.benzinga.com, 56. www.marketbeat.com, 57. www.tipranks.com, 58. stocktwits.com, 59. stocktwits.com
