MBX Biosciences (NYSE:MBX) Shares Up 4.6% – Still a Buy?

MBX Biosciences, Inc. (NYSE:MBX)’s stock price rose 4.6% during mid-day trading on Wednesday . The stock traded as high as $23.53 and last traded at $22.85. Approximately 15,491 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 144,100 shares. The stock had previously closed at $21.85.

Wall Street Analyst Weigh In

MBX has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on MBX Biosciences in a report on Tuesday. They set a “buy” rating and a $35.00 price target for the company. JPMorgan Chase & Co. initiated coverage on MBX Biosciences in a report on Tuesday. They set an “overweight” rating and a $30.00 price target for the company. Stifel Nicolaus initiated coverage on MBX Biosciences in a report on Tuesday. They set a “buy” rating and a $40.00 price target for the company. Finally, Guggenheim initiated coverage on MBX Biosciences in a report on Tuesday. They set a “buy” rating and a $44.00 price target for the company.

MBX Biosciences Stock Up 1.6 %

Insider Buying and Selling

In other news, major shareholder Life Sciences X. L.P. Frazier bought 625,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were purchased at an average price of $16.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider now owns 4,552,774 shares in the company, valued at approximately $72,844,384. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, major shareholder Life Sciences X. L.P. Frazier purchased 625,000 shares of MBX Biosciences stock in a transaction on Monday, September 16th. The shares were bought at an average price of $16.00 per share, with a total value of $10,000,000.00. Following the transaction, the insider now directly owns 4,552,774 shares of the company’s stock, valued at approximately $72,844,384. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward T. Mathers purchased 500,000 shares of MBX Biosciences stock in a transaction on Monday, September 16th. The stock was bought at an average cost of $16.00 per share, for a total transaction of $8,000,000.00. Following the transaction, the director now directly owns 3,614,486 shares in the company, valued at $57,831,776. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

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.