MBX Biosciences (NASDAQ:MBX) Sets New 12-Month High – Here’s Why

MBX Biosciences, Inc. (NASDAQ:MBX) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $29.51 and last traded at $29.7230, with a volume of 202778 shares changing hands. The stock had previously closed at $27.08.

Analyst Ratings Changes

Several research analysts have commented on MBX shares. Truist Financial assumed coverage on MBX Biosciences in a research report on Wednesday, October 15th. They issued a “buy” rating and a $50.00 price target on the stock. Guggenheim dropped their target price on shares of MBX Biosciences from $84.00 to $77.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of MBX Biosciences in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of MBX Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Mizuho increased their target price on shares of MBX Biosciences from $38.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.50.

MBX Biosciences Stock Performance

The firm has a market capitalization of $1.41 billion, a PE ratio of -13.10 and a beta of 1.19. The stock’s fifty day simple moving average is $18.51.

MBX Biosciences (NASDAQ:MBX) last issued its earnings results on Thursday, November 6th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.73) by $0.10.

Insider Activity

In related news, CEO P. Kent Hawryluk bought 20,000 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was acquired at an average cost of $13.64 per share, with a total value of $272,800.00. Following the acquisition, the chief executive officer owned 468,277 shares in the company, valued at approximately $6,387,298.28. This represents a 4.46% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Patrick J. Heron bought 666,666 shares of the business’s stock in a transaction that occurred on Friday, September 26th. The shares were bought at an average price of $18.00 per share, with a total value of $11,999,988.00. Following the transaction, the director directly owned 5,219,440 shares in the company, 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. In the last ninety days, insiders have purchased 706,666 shares of company stock worth $12,537,788.

Institutional Investors Weigh In On MBX Biosciences

Several large investors have recently made changes to their positions in MBX. Woodline Partners LP lifted its holdings in MBX Biosciences by 33.3% during the 3rd quarter. Woodline Partners LP now owns 1,201,150 shares of the company’s stock valued at $21,020,000 after purchasing an additional 300,047 shares during the last quarter. XTX Topco Ltd increased its holdings in shares of MBX Biosciences by 223.6% during the third quarter. XTX Topco Ltd now owns 38,378 shares of the company’s stock worth $672,000 after buying an additional 26,517 shares in the last quarter. Baker BROS. Advisors LP acquired a new stake in shares of MBX Biosciences during the third quarter worth approximately $4,861,000. Creative Planning bought a new position in shares of MBX Biosciences in the third quarter valued at approximately $503,000. Finally, SummitTX Capital L.P. acquired a new position in shares of MBX Biosciences in the 3rd quarter worth approximately $513,000.

About MBX Biosciences

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.