MBX Biosciences (NASDAQ:MBX) Announces Earnings Results

MBX Biosciences (NASDAQ:MBX) issued its quarterly earnings results on Thursday. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.10, Zacks reports.

MBX Biosciences Price Performance

NASDAQ:MBX traded up $0.83 on Friday, hitting $25.57. The company’s stock had a trading volume of 907,492 shares, compared to its average volume of 959,151. MBX Biosciences has a one year low of $4.81 and a one year high of $26.47. The company has a market cap of $859.00 million, a price-to-earnings ratio of -10.70 and a beta of 1.20. The firm has a fifty day moving average of $15.82.

Insider Buying and Selling

In related news, Director Patrick J. Heron acquired 666,666 shares of the firm’s stock in a transaction on Friday, September 26th. The shares were purchased at an average cost of $18.00 per share, for a total transaction of $11,999,988.00. Following the completion of the acquisition, the director directly owned 5,219,440 shares in the company, valued at approximately $93,949,920. This trade represents a 14.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO P. Kent Hawryluk bought 20,000 shares of the business’s stock in a transaction dated Monday, October 20th. The shares were bought at an average price of $13.64 per share, with a total value of $272,800.00. Following the purchase, the chief executive officer owned 468,277 shares in the company, valued at $6,387,298.28. The trade was a 4.46% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 706,666 shares of company stock valued at $12,537,788. 52.19% of the stock is owned by insiders.

Institutional Trading of MBX Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of MBX Biosciences by 60.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,677,362 shares of the company’s stock worth $29,354,000 after purchasing an additional 633,678 shares in the last quarter. MPM Bioimpact LLC grew its position in MBX Biosciences by 14.3% during the second quarter. MPM Bioimpact LLC now owns 1,294,416 shares of the company’s stock worth $14,769,000 after buying an additional 161,466 shares in the last quarter. Geode Capital Management LLC grew its position in MBX Biosciences by 27.0% during the second quarter. Geode Capital Management LLC now owns 348,447 shares of the company’s stock worth $3,976,000 after buying an additional 73,989 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in MBX Biosciences by 73.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 87,097 shares of the company’s stock worth $994,000 after acquiring an additional 36,987 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new position in MBX Biosciences in the 2nd quarter valued at $333,000.

Wall Street Analyst Weigh In

MBX has been the subject of several recent research reports. Wall Street Zen upgraded shares of MBX Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Mizuho increased their price objective on shares of MBX Biosciences from $38.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Cowen assumed coverage on MBX Biosciences in a report on Tuesday. They issued a “buy” rating for the company. Oppenheimer assumed coverage on MBX Biosciences in a research report on Wednesday, July 16th. They issued an “outperform” rating and a $38.00 target price on the stock. Finally, Truist Financial began coverage on MBX Biosciences in a research report on Wednesday, October 15th. They set a “buy” rating and a $50.00 price target for the company. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.00.

About MBX Biosciences

We are a clinical-stage biopharmaceutical company focused on the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. Our company was founded by global leaders with a transformative approach to peptide drug design and development. Leveraging this expertise, we designed our proprietary Precision Endocrine Peptide™, or PEPTM, platform to overcome the key limitations of unmodified and modified peptide therapies and to improve clinical outcomes and simplify disease management for patients.