MBX Biosciences (NYSE:MBX) Trading Up 7.2% – Here’s What Happened

MBX Biosciences, Inc. (NYSE:MBX)’s stock price traded up 7.2% on Wednesday . The stock 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.

Analyst Upgrades and Downgrades

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

MBX Biosciences Stock Performance

The firm has a 50 day simple moving average of $21.49.

MBX Biosciences (NYSE:MBX) last issued its quarterly earnings results 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). As a group, analysts anticipate that MBX Biosciences, Inc. will post -13.21 EPS for the current fiscal year.

Insider Activity at MBX Biosciences

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

Institutional Trading of MBX Biosciences

A number of large investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of MBX Biosciences during the 3rd quarter valued at approximately $278,000. Point72 Asset Management L.P. purchased a new position in shares of MBX Biosciences in the 3rd quarter worth $405,000. Barclays PLC bought a new stake in shares of MBX Biosciences in the 3rd quarter worth about $426,000. Geode Capital Management LLC purchased a new position in MBX Biosciences in the third quarter worth about $579,000. Finally, Point72 DIFC Ltd bought a new stake in MBX Biosciences during the third quarter worth approximately $624,000.

MBX Biosciences Company Profile

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.