MBX Biosciences (NASDAQ:MBX) Trading Down 5.2% Following Analyst Downgrade

Shares of MBX Biosciences, Inc. (NASDAQ:MBX) fell 5.2% during mid-day trading on Monday after Guggenheim lowered their price target on the stock from $84.00 to $77.00. Guggenheim currently has a buy rating on the stock. MBX Biosciences traded as low as $23.65 and last traded at $24.23. 302,735 shares traded hands during trading, a decline of 51% from the average session volume of 612,583 shares. The stock had previously closed at $25.57.

A number of other brokerages have also recently weighed in on MBX. Truist Financial initiated coverage on shares of MBX Biosciences in a report on Wednesday, October 15th. They set a “buy” rating and a $50.00 target price on the stock. Cowen began coverage on MBX Biosciences in a research note on Tuesday, November 4th. They issued a “buy” rating for the company. TD Cowen began coverage on MBX Biosciences in a research report on Tuesday, November 4th. They set a “buy” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of MBX Biosciences in a research note on Wednesday, October 8th. Finally, Citigroup reiterated an “outperform” rating on shares of MBX Biosciences in a research note on Monday, September 22nd. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.50.

Insider Buying and Selling

In related news, Director Steven L. Hoerter bought 20,000 shares of MBX Biosciences stock in a transaction dated Friday, October 17th. The stock was acquired at an average cost of $13.25 per share, with a total value of $265,000.00. Following the completion of the acquisition, the director directly owned 20,000 shares in the company, valued at approximately $265,000. This trade represents a ? increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO P. Kent Hawryluk bought 20,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were purchased at an average cost of $13.64 per share, for a total transaction of $272,800.00. Following the completion of the purchase, the chief executive officer owned 468,277 shares in the company, valued at approximately $6,387,298.28. This trade represents a 4.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 706,666 shares of company stock worth $12,537,788.

Institutional Trading of MBX Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings 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 valued at $29,354,000 after acquiring an additional 633,678 shares during the last quarter. MPM Bioimpact LLC raised its position in shares of MBX Biosciences by 14.3% in the second quarter. MPM Bioimpact LLC now owns 1,294,416 shares of the company’s stock valued at $14,769,000 after purchasing an additional 161,466 shares during the period. Woodline Partners LP boosted its holdings in shares of MBX Biosciences by 44.1% during the 1st quarter. Woodline Partners LP now owns 877,461 shares of the company’s stock worth $6,476,000 after buying an additional 268,740 shares during the period. Franklin Resources Inc. increased its stake in shares of MBX Biosciences by 34.0% in the second quarter. Franklin Resources Inc. now owns 494,852 shares of the company’s stock worth $5,646,000 after purchasing an additional 125,537 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of MBX Biosciences by 27.0% during the 2nd quarter. Geode Capital Management LLC now owns 348,447 shares of the company’s stock worth $3,976,000 after purchasing an additional 73,989 shares during the last quarter.

MBX Biosciences Stock Performance

The business’s fifty day moving average is $15.82. The firm has a market capitalization of $814.22 million, a PE ratio of -10.14 and a beta of 1.19.

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

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.