MBX Biosciences (NASDAQ:MBX) Shares Down 6.8% – Here’s What Happened

MBX Biosciences, Inc. (NASDAQ:MBX)’s share price traded down 6.8% during mid-day trading on Wednesday . The stock traded as low as $40.21 and last traded at $40.2250. 164,703 shares were traded during mid-day trading, a decline of 77% from the average session volume of 730,916 shares. The stock had previously closed at $43.14.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wall Street Zen raised MBX Biosciences from a “sell” rating to a “hold” rating in a research note on Sunday, December 21st. TD Cowen began coverage on shares of MBX Biosciences in a research note on Tuesday, November 4th. They issued a “buy” rating for the company. Mizuho increased their target price on MBX Biosciences from $38.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. The Goldman Sachs Group began coverage on MBX Biosciences in a research report on Thursday, December 4th. They set a “sell” rating and a $18.00 price objective for the company. Finally, Cowen began coverage on MBX Biosciences in a research report on Tuesday, November 4th. They issued a “buy” rating on the stock. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, MBX Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $48.44.

MBX Biosciences Stock Performance

The business’s 50 day moving average price is $31.52. The stock has a market cap of $1.84 billion, a PE ratio of -17.19 and a beta of 0.86.

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

Institutional Investors Weigh In On MBX Biosciences

Several institutional investors have recently added to or reduced their stakes in MBX. Virtus Investment Advisers LLC grew its position in shares of MBX Biosciences by 9.6% during the 2nd quarter. Virtus Investment Advisers LLC now owns 8,772 shares of the company’s stock valued at $100,000 after purchasing an additional 766 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in MBX Biosciences by 4,131.4% during the third quarter. Russell Investments Group Ltd. now owns 1,481 shares of the company’s stock valued at $26,000 after buying an additional 1,446 shares during the period. BNP Paribas Financial Markets increased its stake in MBX Biosciences by 117.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,896 shares of the company’s stock worth $51,000 after acquiring an additional 1,567 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of MBX Biosciences in the 3rd quarter valued at about $27,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of MBX Biosciences by 40.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,329 shares of the company’s stock valued at $106,000 after acquiring an additional 2,682 shares in 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.