MBX Biosciences (NASDAQ:MBX) Trading 5.6% Higher – Here’s Why

MBX Biosciences, Inc. (NASDAQ:MBX) rose 5.6% during mid-day trading on Wednesday . The company traded as high as $32.55 and last traded at $33.3750. Approximately 39,451 shares were traded during trading, a decline of 94% from the average daily volume of 614,500 shares. The stock had previously closed at $31.60.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Mizuho increased their price target on MBX Biosciences from $38.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Guggenheim cut their price objective on MBX Biosciences from $84.00 to $77.00 and set a “buy” rating for the company in a research report on Monday, November 10th. TD Cowen began coverage on shares of MBX Biosciences in a research note on Tuesday, November 4th. They issued a “buy” rating on the stock. Citigroup reiterated an “outperform” rating on shares of MBX Biosciences in a research report on Monday, September 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MBX Biosciences in a report on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.50.

MBX Biosciences Price Performance

The company has a market cap of $1.53 billion, a price-to-earnings ratio of -14.22 and a beta of 1.20. The stock’s fifty day simple moving average is $19.35.

MBX Biosciences (NASDAQ:MBX) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.10.

Insider Transactions at MBX Biosciences

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in shares of MBX Biosciences by 4,131.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,481 shares of the company’s stock worth $26,000 after buying an additional 1,446 shares during the last quarter. BNP Paribas Financial Markets raised its position in MBX Biosciences by 117.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,896 shares of the company’s stock valued at $51,000 after purchasing an additional 1,567 shares during the last quarter. Deutsche Bank AG boosted its holdings in MBX Biosciences by 102.0% in the first quarter. Deutsche Bank AG now owns 8,762 shares of the company’s stock valued at $65,000 after acquiring an additional 4,424 shares in the last quarter. Wealthedge Investment Advisors LLC purchased a new position in shares of MBX Biosciences during the first quarter valued at about $88,000. Finally, China Universal Asset Management Co. Ltd. bought a new position in shares of MBX Biosciences in the 3rd quarter worth approximately $88,000.

MBX Biosciences Company Profile

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.