Shares of Inhibrx Biosciences ( NASDAQ: INBX ) added ~8% on Friday after its Chief Executive Officer, Mark Lappe, disclosed the purchase of 40K shares of the company’s common stock. The transaction conducted on Tuesday raised Lappe’s stake in Inhibrx ( INBX ) by ~5% to 801.4K shares.
According to a regulatory filing on Thursday, Lappe’s transaction was valued at $518.3K, with shares bought at an average of $12.96.
Lappe, a co-founder of Inhibrx ( INBX ), has led the company since its inception. Inhibrx ( INBX ) began trading on Nasdaq as an independent company in May following the spinoff from its former parent, Inhibrx, Inc. Early this year, Sanofi ( SNY ) agreed to acquire Inhibrx, Inc.
, and its experimental therapy SAR447537 targeted alpha-1 antitrypsin (AAT) deficiency, a rare genetic condition. The transaction completed in May left its subsidiary Inhibrx Biosciences ( INBX ) with two experimental cancer therapies, INBRX-109 and INBRX-106..