MBX Biosciences (NYSE:MBX) Shares Gap Up – Here’s What Happened

MBX Biosciences, Inc. (NYSE:MBX)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $17.61, but opened at $18.33. MBX Biosciences shares last traded at $17.95, with a volume of 7,933 shares trading hands.

Wall Street Analysts Forecast Growth

MBX has been the topic of several analyst reports. Stifel Nicolaus initiated coverage on shares of MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $40.00 target price on the stock. Jefferies Financial Group began coverage on shares of MBX Biosciences in a research report on Tuesday, October 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Guggenheim initiated coverage on shares of MBX Biosciences in a report on Tuesday, October 8th. They set a “buy” rating and a $44.00 target price for the company. Finally, JPMorgan Chase & Co. assumed coverage on MBX Biosciences in a report on Tuesday, October 8th. They set an “overweight” rating and a $30.00 price target on the stock.

MBX Biosciences Stock Performance

The business’s fifty day simple moving average is $22.69.

MBX Biosciences (NYSE:MBX) last announced its earnings results on Thursday, November 7th. The company reported ($2.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.72) by ($0.06). Equities analysts expect that MBX Biosciences, Inc. will post -13.21 earnings per share for the current fiscal year.

Insider Transactions at MBX Biosciences

In other MBX Biosciences news, Director Edward T. Mathers acquired 500,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were acquired at an average price of $16.00 per share, with a total value of $8,000,000.00. Following the completion of the purchase, the director now directly owns 3,614,486 shares of the company’s stock, valued at approximately $57,831,776. The trade was a 16.05 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Life Sciences X. L.P. Frazier bought 625,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were acquired at an average cost of $16.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider now directly owns 4,552,774 shares of the company’s stock, valued at approximately $72,844,384. This represents a 15.91 % increase in their position. The disclosure for this purchase can be found here.

Institutional Trading of MBX Biosciences

A number of hedge funds have recently made changes to their positions in MBX. Point72 Asia Singapore Pte. Ltd. bought a new position in MBX Biosciences during the 3rd quarter valued at approximately $278,000. Point72 Asset Management L.P. purchased a new stake in shares of MBX Biosciences in the third quarter worth $405,000. Barclays PLC bought a new position in shares of MBX Biosciences during the third quarter valued at $426,000. Geode Capital Management LLC purchased a new position in shares of MBX Biosciences in the 3rd quarter worth about $579,000. Finally, Point72 DIFC Ltd bought a new position in MBX Biosciences in the 3rd quarter worth about $624,000.

About MBX Biosciences

MBX Biosciences, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of precision peptide therapies for the treatment of endocrine and metabolic disorders. Its lead product candidate is MBX 2109, a parathyroid hormone peptide prodrug, which is in Phase 2 clinical trial designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism.