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

Shares of MBX Biosciences, Inc. (NYSE:MBX) traded up 7.2% during trading on Wednesday . The company traded as high as $23.25 and last traded at $23.20. 107,816 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 127,734 shares. The stock had previously closed at $21.65.

Analysts Set New Price Targets

A number of analysts have commented on the company. JPMorgan Chase & Co. assumed coverage on MBX Biosciences in a research report on Tuesday, October 8th. They issued an “overweight” rating and a $30.00 price objective for the company. Jefferies Financial Group assumed coverage on MBX Biosciences in a report on Tuesday, October 8th. They issued a “buy” rating and a $35.00 target price for the company. Guggenheim assumed coverage on MBX Biosciences in a report on Tuesday, October 8th. They issued a “buy” rating and a $44.00 target price for the company. Finally, Stifel Nicolaus assumed coverage on MBX Biosciences in a report on Tuesday, October 8th. They issued a “buy” rating and a $40.00 target price for the company.

MBX Biosciences Price Performance

The stock’s fifty day simple moving average is $21.58.

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

Insider Activity

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

Hedge Funds Weigh In On MBX Biosciences

Several institutional investors have recently modified their holdings of the stock. NEA Management Company LLC bought a new position in shares of MBX Biosciences during the 3rd quarter valued at about $93,904,000. Maven Securities LTD bought a new position in shares of MBX Biosciences during the 3rd quarter valued at about $1,299,000. RA Capital Management L.P. bought a new position in shares of MBX Biosciences during the 3rd quarter valued at about $39,264,000. Frazier Life Sciences Management L.P. bought a new position in shares of MBX Biosciences during the 3rd quarter valued at about $155,499,000. Finally, Wellington Management Group LLP bought a new position in shares of MBX Biosciences during the 3rd quarter valued at about $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.