MBX Biosciences (NASDAQ:MBX) Stock Jumps 6.3% – Here’s Why

MBX Biosciences, Inc. (NASDAQ:MBX)’s share price shot up 6.3% during trading on Monday. The stock traded as high as $53.06 and last traded at $52.74. Approximately 194,748 shares traded hands during trading, a decline of 70% from the average daily volume of 648,550 shares. The stock had previously closed at $49.61.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on MBX Biosciences in a report on Friday, August 21st. They set an “overweight” rating and a $88.00 price objective for the company. Barclays reissued an “overweight” rating and set a $88.00 price objective on shares of MBX Biosciences in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MBX Biosciences in a research note on Thursday. UBS Group reaffirmed a “buy” rating on shares of MBX Biosciences in a research report on Monday, September 28th. Finally, Stifel Nicolaus lifted their target price on shares of MBX Biosciences from $70.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, MBX Biosciences presently has an average rating of “Moderate Buy” and an average price target of $87.00.

MBX Biosciences Trading Up 6.0%

The company’s fifty day moving average is $60.61 and its 200-day moving average is $49.38. The firm has a market capitalization of $2.53 billion, a P/E ratio of -21.84 and a beta of 0.10.

MBX Biosciences (NASDAQ:MBX) last announced its earnings results on Thursday, August 6th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.10). On average, equities research analysts anticipate that MBX Biosciences, Inc. will post -3.10 EPS for the current year.

Institutional Trading of MBX Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MBX. Bank of America Corp DE acquired a new stake in MBX Biosciences in the 2nd quarter valued at $16,501,000. The Manufacturers Life Insurance Company grew its position in MBX Biosciences by 30.3% in the first quarter. The Manufacturers Life Insurance Company now owns 90,634 shares of the company’s stock valued at $2,705,000 after acquiring an additional 21,083 shares during the period. Elmind Capital LP acquired a new position in MBX Biosciences during the second quarter worth $5,023,200. California State Teachers Retirement System raised its stake in MBX Biosciences by 1,197.9% during the first quarter. California State Teachers Retirement System now owns 22,765 shares of the company’s stock worth $680,000 after acquiring an additional 21,011 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in MBX Biosciences during the first quarter worth $1,396,000.

MBX Biosciences Company Profile

MBX Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing peptide therapies for endocrine and metabolic disorders. The company uses its Precision Endocrine Peptide platform to design engineered peptides intended to provide targeted activity, extended duration and more consistent treatment effects.

MBX’s lead program, MBX 1416, is an investigational long-acting parathyroid hormone receptor agonist being developed as a potential replacement therapy for people with hypoparathyroidism, a disorder in which the body produces insufficient parathyroid hormone.