MBX Biosciences (NYSE:MBX) Trading 7.2% Higher – What’s Next?

MBX Biosciences, Inc. (NYSE:MBX)’s stock price was up 7.2% on Wednesday . The stock traded as high as $23.25 and last traded at $23.20. Approximately 107,816 shares traded hands during trading, a decline of 16% from the average daily volume of 127,734 shares. The stock had previously closed at $21.65.

Analyst Upgrades and Downgrades

MBX has been the topic of several research reports. Jefferies Financial Group initiated coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $35.00 target price on the stock. Guggenheim initiated coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $44.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued an “overweight” rating and a $30.00 target price on the stock. Finally, Stifel Nicolaus initiated coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $40.00 target price on the stock.

MBX Biosciences Price Performance

The company has a 50 day moving average of $21.58.

MBX Biosciences (NYSE:MBX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.72) by ($0.06). On average, equities analysts expect that MBX Biosciences, Inc. will post -13.21 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Life Sciences X. L.P. Frazier bought 625,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was bought at an average price of $16.00 per share, for a total transaction of $10,000,000.00. Following the purchase, the insider now owns 4,552,774 shares in the company, valued at $72,844,384. This represents a 15.91 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward T. Mathers purchased 500,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was bought at an average price of $16.00 per share, for a total transaction of $8,000,000.00. Following the purchase, the director now owns 3,614,486 shares in the company, valued at $57,831,776. The trade was a 16.05 % increase in their position. The disclosure for this purchase can be found here.

Institutional Trading of MBX Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. NEA Management Company LLC acquired a new stake in shares of MBX Biosciences during the third quarter worth $93,904,000. Maven Securities LTD bought a new position in MBX Biosciences during the third quarter worth about $1,299,000. RA Capital Management L.P. acquired a new stake in MBX Biosciences in the 3rd quarter worth about $39,264,000. Frazier Life Sciences Management L.P. bought a new stake in MBX Biosciences in the 3rd quarter valued at about $155,499,000. Finally, Wellington Management Group LLP acquired a new position in shares of MBX Biosciences during the 3rd quarter worth approximately $74,261,000.

About MBX Biosciences

MBX Biosciences, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of precision peptide therapies for the treatment of endocrine and metabolic disorders. Its lead product candidate is MBX 2109, a parathyroid hormone peptide prodrug, which is in Phase 2 clinical trial designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism.