MBX Biosciences (NYSE:MBX) Sets New 52-Week Low – Here’s Why

Shares of MBX Biosciences, Inc. (NYSE:MBX) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $19.30 and last traded at $19.52, with a volume of 3519 shares. The stock had previously closed at $19.49.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MBX shares. Guggenheim began coverage on MBX Biosciences in a research report on Tuesday, October 8th. They set a “buy” rating and a $44.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on shares of MBX Biosciences in a research note on Tuesday, October 8th. They set an “overweight” rating and a $30.00 price target on the stock. Stifel Nicolaus started coverage on shares of MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $40.00 price objective for the company. Finally, Jefferies Financial Group started coverage on shares of MBX Biosciences in a report on Tuesday, October 8th. They set a “buy” rating and a $35.00 target price on the stock.

MBX Biosciences Price Performance

The stock’s 50-day moving average is $23.04.

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

Insiders Place Their Bets

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

Institutional Trading of MBX Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the business. NEA Management Company LLC purchased a new position in shares of MBX Biosciences during the third quarter valued at approximately $93,904,000. The Manufacturers Life Insurance Company bought a new position in MBX Biosciences during the 3rd quarter valued at approximately $1,200,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in MBX Biosciences during the third quarter valued at $278,000.

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.