Why Inhibrx's Recent Strength May Not Be Built to Last

Core Viewpoint - Inhibrx has experienced a significant stock rally of over 150% following positive topline results from its registrational trial of Ozekibart (INBRX-109), but this movement raises structural risks when analyzed through the Adhishthana framework [1][8]. Group 1: Monthly Structure Analysis - Inhibrx is currently in Phase 2 of its 18-phase Adhishthana cycle, which consists of two segments: the Sankhya period characterized by consolidation or corrective behavior, and the Buddhi period known for strong upside momentum [2]. - The stock is navigating the early Sankhya portion of Phase 2, having delivered a sharp upside move instead of the expected consolidation or correction, indicating a deviation from the anticipated structure [3][6]. - Historically, premature strength during the Sankhya phase often leads to instability later in the cycle, as seen in the case of Lamb Weston, which faced a collapse of over 60% after a similar premature rally [5]. Group 2: Investor Outlook - The current rally of Inhibrx is unfolding at an unfavorable point in the cycle, suggesting that the medium-term outlook warrants caution for investors [7]. - Investors who established positions prior to the Ozekibart announcement may continue to hold, but should be aware of the structural risks associated with the current rally, which may not be sustainable [8].