MBX Biosciences (NASDAQ:MBX) Shares Gap Up After Analyst Upgrade

MBX Biosciences, Inc. (NASDAQ:MBX)’s stock price gapped up before the market opened on Wednesday after UBS Group upgraded the stock to a strong-buy rating. The stock had previously closed at $28.70, but opened at $30.05. MBX Biosciences shares last traded at $32.9960, with a volume of 173,857 shares trading hands.

A number of other equities analysts have also recently commented on the stock. Mizuho boosted their price target on shares of MBX Biosciences from $38.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Cowen began coverage on shares of MBX Biosciences in a research report on Tuesday, November 4th. They issued a “buy” rating for the company. Truist Financial started coverage on MBX Biosciences in a research note on Wednesday, October 15th. They set a “buy” rating and a $50.00 price target for the company. TD Cowen started coverage on MBX Biosciences in a report on Tuesday, November 4th. They set a “buy” rating on the stock. Finally, Citigroup reiterated an “outperform” rating on shares of MBX Biosciences in a research report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, MBX Biosciences currently has an average rating of “Moderate Buy” and an average target price of $47.22.

Insider Activity at MBX Biosciences

In other news, CEO P. Kent Hawryluk bought 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average cost of $13.64 per share, with a total value of $272,800.00. Following the completion of the purchase, the chief executive officer directly owned 468,277 shares in the company, valued at $6,387,298.28. This represents a 4.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven L. Hoerter purchased 20,000 shares of the stock in a transaction that occurred on Friday, October 17th. The shares were purchased at an average price of $13.25 per share, with a total value of $265,000.00. Following the completion of the acquisition, the director directly owned 20,000 shares in the company, valued at $265,000. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 52.19% of the company’s stock.

Institutional Trading of MBX Biosciences

Several large investors have recently modified their holdings of the business. Woodline Partners LP increased its stake in shares of MBX Biosciences by 44.1% during the first quarter. Woodline Partners LP now owns 877,461 shares of the company’s stock valued at $6,476,000 after buying an additional 268,740 shares during the period. Sio Capital Management LLC bought a new stake in MBX Biosciences in the second quarter valued at $2,750,000. TD Asset Management Inc increased its position in MBX Biosciences by 13.1% during the 2nd quarter. TD Asset Management Inc now owns 171,304 shares of the company’s stock valued at $1,955,000 after purchasing an additional 19,800 shares during the period. Resolute Capital Asset Partners LLC bought a new position in MBX Biosciences in the 2nd quarter worth $567,000. Finally, Walleye Capital LLC lifted its position in shares of MBX Biosciences by 116.5% in the 2nd quarter. Walleye Capital LLC now owns 70,333 shares of the company’s stock worth $802,000 after purchasing an additional 37,843 shares during the period.

MBX Biosciences Stock Down 5.6%

The firm has a 50-day moving average price of $28.98. The company has a market capitalization of $1.38 billion, a PE ratio of -12.85 and a beta of 0.86.

MBX Biosciences (NASDAQ:MBX) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.10.

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.