MBX Biosciences (NASDAQ:MBX) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

MBX Biosciences (NASDAQ:MBX) released its quarterly earnings data on Thursday. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.73) by $0.10, Zacks reports.

MBX Biosciences Price Performance

MBX traded up $0.83 during midday trading on Friday, hitting $25.57. 907,492 shares of the company were exchanged, compared to its average volume of 959,151. The business has a 50 day moving average price of $15.82. MBX Biosciences has a 1-year low of $4.81 and a 1-year high of $26.47. The firm has a market capitalization of $859.00 million, a price-to-earnings ratio of -10.70 and a beta of 1.20.

Insider Transactions at MBX Biosciences

In other news, CEO P. Kent Hawryluk purchased 20,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were purchased at an average price of $13.64 per share, for a total transaction of $272,800.00. Following the transaction, the chief executive officer owned 468,277 shares of the company’s stock, valued at approximately $6,387,298.28. This trade represents a 4.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Patrick J. Heron acquired 666,666 shares of the firm’s stock in a transaction dated Friday, September 26th. The shares were purchased at an average price of $18.00 per share, with a total value of $11,999,988.00. Following the completion of the transaction, the director owned 5,219,440 shares of the company’s stock, valued at $93,949,920. This trade represents a 14.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 706,666 shares of company stock worth $12,537,788 over the last ninety days. 52.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE grew its stake in MBX Biosciences by 50.9% during the second quarter. Bank of America Corp DE now owns 42,387 shares of the company’s stock worth $484,000 after purchasing an additional 14,297 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MBX Biosciences by 40.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,329 shares of the company’s stock valued at $106,000 after buying an additional 2,682 shares during the period. XTX Topco Ltd bought a new position in shares of MBX Biosciences during the 2nd quarter worth approximately $135,000. Rhumbline Advisers grew its position in shares of MBX Biosciences by 171.6% during the 2nd quarter. Rhumbline Advisers now owns 23,662 shares of the company’s stock worth $270,000 after buying an additional 14,950 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of MBX Biosciences by 60.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,677,362 shares of the company’s stock valued at $29,354,000 after acquiring an additional 633,678 shares in the last quarter.

Analyst Upgrades and Downgrades

MBX has been the topic of a number of research analyst reports. Citigroup restated an “outperform” rating on shares of MBX Biosciences in a research note on Monday, September 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of MBX Biosciences in a research report on Wednesday, October 8th. Cowen assumed coverage on shares of MBX Biosciences in a report on Tuesday. They set a “buy” rating for the company. Truist Financial started coverage on MBX Biosciences in a research note on Wednesday, October 15th. They issued a “buy” rating and a $50.00 price target for the company. Finally, TD Cowen started coverage on MBX Biosciences in a report on Tuesday. They issued a “buy” rating for the company. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

MBX Biosciences Company Profile

We are a clinical-stage biopharmaceutical company focused on the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. Our company was founded by global leaders with a transformative approach to peptide drug design and development. Leveraging this expertise, we designed our proprietary Precision Endocrine Peptide™, or PEPTM, platform to overcome the key limitations of unmodified and modified peptide therapies and to improve clinical outcomes and simplify disease management for patients.