MBX Biosciences (NASDAQ:MBX) Given New $77.00 Price Target at Guggenheim

MBX Biosciences (NASDAQ:MBX) had its price target cut by equities researchers at Guggenheim from $84.00 to $77.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 210.99% from the company’s current price.

A number of other research firms have also recently issued reports on MBX. Oppenheimer initiated coverage on MBX Biosciences in a research report on Wednesday, July 16th. They issued an “outperform” rating and a $38.00 price objective for the company. TD Cowen assumed coverage on shares of MBX Biosciences in a research report on Tuesday, November 4th. They set a “buy” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of MBX Biosciences in a research report on Wednesday, October 8th. Truist Financial started coverage on shares of MBX Biosciences in a report on Wednesday, October 15th. They set a “buy” rating and a $50.00 target price for the company. Finally, Cowen began coverage on shares of MBX Biosciences in a report on Tuesday, November 4th. They issued a “buy” rating on the stock. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.50.

MBX Biosciences Stock Down 3.2%

Shares of MBX Biosciences stock traded down $0.81 on Monday, reaching $24.76. 199,220 shares of the company were exchanged, compared to its average volume of 611,991. MBX Biosciences has a one year low of $4.81 and a one year high of $26.47. The firm’s 50-day moving average is $15.82. The firm has a market cap of $831.69 million, a P/E ratio of -10.42 and a beta of 1.19.

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

Insiders Place Their Bets

In other MBX Biosciences news, Director Steven L. Hoerter acquired 20,000 shares of MBX Biosciences stock in a transaction that occurred on Friday, October 17th. The shares were acquired at an average cost of $13.25 per share, with a total value of $265,000.00. Following the completion of the purchase, the director directly owned 20,000 shares of the company’s stock, valued at $265,000. This represents a ? increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Patrick J. Heron bought 666,666 shares of the stock in a transaction on Friday, September 26th. The shares were acquired at an average cost of $18.00 per share, with a total value of $11,999,988.00. Following the purchase, the director owned 5,219,440 shares of the company’s stock, valued at approximately $93,949,920. This represents a 14.64% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 706,666 shares of company stock worth $12,537,788 over the last three months.

Hedge Funds Weigh In On MBX Biosciences

A number of institutional investors have recently added to or reduced their stakes in MBX. New York State Common Retirement Fund bought a new position in shares of MBX Biosciences in the 1st quarter valued at $32,000. Deutsche Bank AG grew its holdings in shares of MBX Biosciences by 102.0% during the first quarter. Deutsche Bank AG now owns 8,762 shares of the company’s stock worth $65,000 after purchasing an additional 4,424 shares during the last quarter. Wealthedge Investment Advisors LLC acquired a new position in shares of MBX Biosciences in the first quarter valued at approximately $88,000. China Universal Asset Management Co. Ltd. bought a new position in MBX Biosciences in the 3rd quarter valued at approximately $88,000. Finally, Virtus Investment Advisers LLC grew its holdings in MBX Biosciences by 9.6% during the 2nd quarter. Virtus Investment Advisers LLC now owns 8,772 shares of the company’s stock worth $100,000 after acquiring an additional 766 shares during the last quarter.

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.