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

Inhibrx (NASDAQ:INBX) has staged a sharp rally after reporting positive topline results from its registrational trial of Ozekibart (INBRX-109) back in October 2025. The stock surged more than 150% in a short span, drawing significant investor attention. However, when the move is examined through the lens of the Adhishthana framework, a structural risk begins to surface, particularly when analysing the stock's positioning on the monthly cycle. Analysing Inhibrx's Monthly Structure Inhibrx is currently in Phase 2 of its 18-phase Adhishthana cycle on the monthly charts. Under the principles, Phase 2 unfolds in two distinct segments. The first is the Sankhya period, which is typically characterised by consolidation or corrective behaviour. This is followed by the Buddhi period, where stocks often experience strong, sustained upside momentum. In Inhibrx's case, the stock is still navigating the early Sankhya portion of Phase 2. Instead of consolidating or correcting, the stock has delivered a sharp upside move, creating a deviation from the expected structure. Historically, such premature strength during Sankhya often leads to instability later in the cycle. Fig.1 Inhibrx Phase 2 (Source: Adhishthana.com) When stocks rally aggressively in the early part of Phase 2, they tend to face sharp corrections once they transition into the Buddhi phase. We observed a similar setup in Lamb Weston, where a premature rally during Sankhya was followed by a collapse of more than 60% once Buddhi began. Refer: What's Driving Lamb Weston's Sustained Underperformance At present, Inhibrx remains within the initial Sankhya window, and the formal transition into Buddhi is still months away. This leaves room for the rally to extend further in the near term. However, structurally, the move is not occurring at the optimal phase, which raises questions about its sustainability. Investor Outlook With the rally unfolding at an unfavourable point in the cycle, Inhibrx's medium-term outlook warrants caution. Investors looking to chase the stock at current levels may want to reassess, as the strength is not aligned with the natural rhythm of the Adhishthana cycle. Those who established positions prior to the Ozekibart announcement can continue to hold, but should remain aware that the current rally carries structural risks under the Adhishthana framework. While the stock may continue to trade with bullish momentum in the short term, the timing of the move suggests that not all risks are visible yet. In summary, Inhibrx may still look strong on the surface, but beneath the rally lies a misalignment that investors should not ignore. Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.