SCHEDULE 13D/A: Inhibrx Biosciences Insider Mark Lappe Boosts Stake to 6.4% Through Recent Share Purchases
Beneficial Ownership Update
Mark Lappe, a key insider at Inhibrx Biosciences, Inc., has increased his beneficial ownership in the company to 6.4% through a series of open-market purchases totaling 164,000 shares between August and September 2024.
Summary
- This document is Amendment No. 1 to a Schedule 13D filing by Mark Lappe regarding his beneficial ownership in Inhibrx Biosciences, Inc.
- As of the filing date, Mr. Lappe beneficially owns 925,413 shares of Common Stock, which represents 6.4% of the company's outstanding shares.
- His ownership includes 54,865 shares held in his Roth IRA, 705,548 shares held by the Lappe Family Trust, and 165,000 shares held by the Lappe Descendants' Trust.
- Between August 20, 2024, and September 16, 2024, Mr. Lappe, through his Roth IRA and the aforementioned trusts, purchased a total of 164,000 shares of Common Stock in open-market transactions.
- These purchases were made at weighted average prices ranging from $12.93 to $17.13 per share.
- The funds used for these share acquisitions were Mr. Lappe's personal funds.
- The beneficial ownership calculation is based on 14,475,904 shares of Common Stock outstanding as of November 8, 2024, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed on November 14, 2024.
Sentiment
Score: 8
Explanation: The significant increase in insider ownership through open-market purchases by Mark Lappe, a key individual, indicates strong confidence in the company's future prospects. This is generally viewed very positively by the market.
Positives
- Significant insider buying by Mark Lappe, indicating strong confidence in Inhibrx Biosciences, Inc.'s future prospects.
- Mr. Lappe's beneficial ownership increased to 6.4% of the company's common stock, demonstrating a substantial personal investment.
- Purchases were made using Mr. Lappe's personal funds, further aligning his interests with those of other shareholders.
Future Outlook
The document does not provide forward-looking statements or guidance regarding the company's future performance or strategic direction. It primarily details changes in beneficial ownership.
Management Comments
- "Mr. Lappe undertakes to provide, upon request by the staff of the SEC, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transactions were effected."
- "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."
Industry Context
This filing indicates a significant increase in insider ownership for Inhibrx Biosciences, Inc., a biotechnology company. While specific industry trends are not discussed, increased insider stakes can signal confidence in the company's future prospects within the competitive biotechnology sector.
Comparison to Industry Standards
- This document does not provide information for direct comparison to industry-specific financial or operational benchmarks.
- It focuses solely on insider ownership changes, therefore no specific comparable companies, projects, or results can be listed.
Related Party Transactions
- Transactions involved purchases by the Lappe Family Trust and the Lappe Descendants' Trust, both of which Mr. Lappe is a trustee, indicating related party dealings.
Stakeholder Impact
- Shareholders may view the increased insider ownership as a positive signal, potentially boosting investor confidence and perception of the company's value.
- The increased stake aligns the interests of a key insider more closely with those of other shareholders.
Next Steps
- Mr. Lappe has undertaken to provide full information regarding the number of shares and prices of transactions upon request by the SEC staff, the Issuer, or a security holder.
Key Dates
| Date | Description |
|---|---|
| 2024-06-03 | Original Schedule 13D filing date. |
| 2024-08-20 | First reported open-market purchase of 27,055 shares for Mr. Lappe's Roth IRA at a weighted average price of $12.97. |
| 2024-08-21 | Purchase of 12,945 shares for Mr. Lappe's Roth IRA at a weighted average price of $12.93. |
| 2024-08-29 | Purchase of 10,000 shares by the Lappe Descendants' Trust at a weighted average price of $14.03. |
| 2024-08-30 | Purchase of 10,000 shares by the Lappe Descendants' Trust at a weighted average price of $14.02. |
| 2024-09-03 | Purchases of 15,288 shares and 4,712 shares by the Lappe Descendants' Trust at weighted average prices of $15.66 and $16.31, respectively. |
| 2024-09-06 | Purchase of 26,000 shares by the Lappe Family Trust at a weighted average price of $15.29. |
| 2024-09-09 | Purchase of 9,500 shares by the Lappe Family Trust at a weighted average price of $15.21. |
| 2024-09-10 | Purchase of 8,500 shares by the Lappe Family Trust at a weighted average price of $15.19. |
| 2024-09-12 | Date of event requiring filing of this statement; purchase of 26,963 shares by the Lappe Family Trust at a weighted average price of $15.05. |
| 2024-09-16 | Last reported open-market purchase of 13,037 shares by the Lappe Family Trust at a weighted average price of $17.13. |
| 2024-11-08 | Date as of which 14,475,904 shares of Common Stock were outstanding, as disclosed in the Issuer's Form 10-Q. |
| 2024-11-14 | Date of filing of the Issuer's Quarterly Report on Form 10-Q with the SEC. |
| 2025-02-26 | Signature date of this Amendment No. 1 to Schedule 13D. |
Keywords
Inhibrx Biosciences, Mark Lappe, Schedule 13D, Beneficial Ownership, Insider Buying, Common Stock, SEC Filing, Share Purchases, Investment, Biotechnology
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