MBX Biosciences (NYSE:MBX) Stock Price Down 7.9% – Here’s Why

MBX Biosciences, Inc. (NYSE:MBX) shares were down 7.9% on Thursday . The company traded as low as $20.88 and last traded at $20.95. Approximately 99,102 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 128,853 shares. The stock had previously closed at $22.74.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MBX shares. JPMorgan Chase & Co. started coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued an “overweight” rating and a $30.00 price target on the stock. Jefferies Financial Group started coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $35.00 price target on the stock. Stifel Nicolaus started coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Guggenheim started coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $44.00 price target on the stock.

MBX Biosciences Price Performance

The business has a 50-day simple moving average of $21.49.

MBX Biosciences (NYSE:MBX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($2.78) earnings per share for the quarter, missing the consensus estimate of ($2.72) by ($0.06). As a group, equities analysts expect that MBX Biosciences, Inc. will post -13.21 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Life Sciences X. L.P. Frazier bought 625,000 shares of MBX Biosciences stock in a transaction dated Monday, September 16th. The shares were bought at an average cost of $16.00 per share, with a total value of $10,000,000.00. Following the acquisition, the insider now owns 4,552,774 shares in the company, valued at $72,844,384. This trade represents a 15.91 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Edward T. Mathers bought 500,000 shares of MBX Biosciences stock in a transaction dated Monday, September 16th. The shares were bought at an average cost of $16.00 per share, for a total transaction of $8,000,000.00. Following the completion of the acquisition, the director now owns 3,614,486 shares in the company, valued at $57,831,776. This represents a 16.05 % increase in their position. The disclosure for this purchase can be found here.

Institutional Trading of MBX Biosciences

Several large investors have recently modified their holdings of MBX. The Manufacturers Life Insurance Company acquired a new stake in shares of MBX Biosciences during the 3rd quarter worth $1,200,000. NEA Management Company LLC acquired a new stake in MBX Biosciences in the third quarter valued at about $93,904,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in MBX Biosciences in the third quarter valued at about $278,000. Maven Securities LTD acquired a new stake in MBX Biosciences in the third quarter valued at about $1,299,000. Finally, Point72 Asset Management L.P. acquired a new stake in MBX Biosciences in the third quarter valued at about $405,000.

MBX Biosciences Company Profile

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.