MBX Biosciences (NASDAQ:MBX) Shares Up 10.8% – Here’s What Happened

MBX Biosciences, Inc. (NASDAQ:MBX) traded up 10.8% on Monday . The stock traded as high as $33.18 and last traded at $33.7080. 213,439 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 639,821 shares. The stock had previously closed at $30.42.

Analyst Ratings Changes

Several research analysts have commented on MBX shares. Weiss Ratings restated a “sell (d-)” rating on shares of MBX Biosciences in a report on Wednesday, October 8th. Truist Financial began coverage on shares of MBX Biosciences in a report on Wednesday, October 15th. They set a “buy” rating and a $50.00 price objective on the stock. Stifel Nicolaus boosted their price objective on MBX Biosciences from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday. Wall Street Zen upgraded shares of MBX Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday. Finally, Cowen assumed coverage on shares of MBX Biosciences in a research note on Tuesday, November 4th. They issued a “buy” rating on the stock. Ten 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.63.

MBX Biosciences Price Performance

The firm’s fifty day simple moving average is $24.66. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -14.56 and a beta of 0.75.

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

Insider Activity at MBX Biosciences

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

Hedge Funds Weigh In On MBX Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP grew its stake in shares of MBX Biosciences by 112.8% in the 3rd quarter. Wellington Management Group LLP now owns 4,823,336 shares of the company’s stock valued at $84,408,000 after purchasing an additional 2,556,708 shares during the last quarter. MPM Bioimpact LLC acquired a new stake in MBX Biosciences in the first quarter valued at $8,361,000. Deep Track Capital LP boosted its position in shares of MBX Biosciences by 43.9% during the 3rd quarter. Deep Track Capital LP now owns 3,150,000 shares of the company’s stock worth $55,125,000 after purchasing an additional 961,408 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of MBX Biosciences by 164.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,307,288 shares of the company’s stock worth $22,878,000 after purchasing an additional 812,436 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of MBX Biosciences by 60.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,677,362 shares of the company’s stock valued at $29,354,000 after purchasing an additional 633,678 shares in the last quarter.

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.