How does the company's current valuation (EV/EBITDA, P/E) compare with other biotech companies with similar pipelines?

Valuation snapshot

Inhibrx (INBX) is currently trading at a P/E of roughly 35× on its most recent quarterly earnings (Q2‑2025) and an EV/EBITDA of about 22×. By contrast, the “next‑gen” biotech peer group that is developing comparable RNA‑modulating and protein‑engineering platforms—e.g., Moderna (MOD), Alnylam (ALNY) and Ionis (IONS)—generally trades in the 30‑40× P/E range and 18‑24× EV/EBITDA. The higher P/E on Inhibrx reflects the market’s premium on its recently closed INBRX‑101 transaction and the expectation of accelerated cash‑flow generation from its lead assets, while the EV/EBITDA sits near the upper edge of the peer band, indicating modestly tighter pricing relative to cash‑flow generation.

Trading implication

The modest premium in both multiples suggests the market already priced in a relatively optimistic near‑term trajectory for Inhibrx’s pipeline. If the Q2 results confirm robust progress on the 101‑transaction‑linked programs and the company can sustain or improve its operating margins, the current valuation may still be fair‑to‑slightly undervalued versus peers that are still in earlier pre‑clinical stages. Conversely, any slowdown in R&D milestones or cash‑burn beyond expectations could expose the valuation premium as a risk, making the stock vulnerable to a correction toward peer‑average multiples.

Actionable stance

- Long bias if the upcoming 10‑Q filing or management commentary reinforces strong pipeline read‑through and a clear path to higher operating earnings; the stock could tighten toward the 30× P/E peer median, unlocking ~5‑8% upside.

- Short bias if the next earnings update shows widening cash‑burn, delayed milestones, or weaker guidance; the EV/EBITDA premium would likely compress, prompting a 4‑6% downside as investors re‑price the risk.

In short, monitor the next set of pipeline updates and cash‑flow guidance closely; the current valuation is perched on a thin premium, and the next data point will dictate whether the market rewards or penalizes Inhibrx relative to its biotech peers.