MBX Biosciences (NASDAQ:MBX) Trading Up 6.9% – Time to Buy?

Shares of MBX Biosciences, Inc. (NASDAQ:MBX) traded up 6.9% during mid-day trading on Tuesday . The stock traded as high as $21.98 and last traded at $22.0360. 133,942 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 606,227 shares. The stock had previously closed at $20.61.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Truist Financial assumed coverage on MBX Biosciences in a research note on Wednesday, October 15th. They issued a “buy” rating and a $50.00 target price on the stock. Oppenheimer assumed coverage on MBX Biosciences in a research note on Wednesday, July 16th. They issued an “outperform” rating and a $38.00 target price on the stock. Citigroup restated an “outperform” rating on shares of MBX Biosciences in a research note on Monday, September 22nd. Wall Street Zen raised shares of MBX Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Mizuho increased their target price on shares of MBX Biosciences from $38.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Nine investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $44.00.

MBX Biosciences Stock Up 9.7%

The firm has a 50 day moving average price of $15.61. The stock has a market capitalization of $831.02 million, a price-to-earnings ratio of -5.45 and a beta of 1.20.

MBX Biosciences (NASDAQ:MBX) last released its quarterly 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 Buying and Selling

In related news, Director Patrick J. Heron purchased 666,666 shares of MBX Biosciences stock in a transaction that occurred on Friday, September 26th. The stock was purchased at an average price of $18.00 per share, for a total transaction of $11,999,988.00. Following the transaction, the director directly owned 5,219,440 shares in the company, valued at approximately $93,949,920. This trade represents a 14.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO P. Kent Hawryluk purchased 20,000 shares of MBX Biosciences stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $13.64 per share, with a total value of $272,800.00. Following the transaction, the chief executive officer owned 468,277 shares in the company, valued at approximately $6,387,298.28. The trade was a 4.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 706,666 shares of company stock worth $12,537,788 in the last 90 days. Insiders own 52.19% of the company’s stock.

Institutional Trading of MBX Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. MPM Bioimpact LLC increased its holdings in shares of MBX Biosciences by 14.3% during the 2nd quarter. MPM Bioimpact LLC now owns 1,294,416 shares of the company’s stock worth $14,769,000 after buying an additional 161,466 shares during the last quarter. Woodline Partners LP increased its holdings in shares of MBX Biosciences by 44.1% during the 1st quarter. Woodline Partners LP now owns 877,461 shares of the company’s stock worth $6,476,000 after buying an additional 268,740 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of MBX Biosciences by 34.0% during the 2nd quarter. Franklin Resources Inc. now owns 494,852 shares of the company’s stock worth $5,646,000 after buying an additional 125,537 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of MBX Biosciences by 27.0% during the 2nd quarter. Geode Capital Management LLC now owns 348,447 shares of the company’s stock worth $3,976,000 after buying an additional 73,989 shares during the last quarter. Finally, Parkman Healthcare Partners LLC increased its holdings in shares of MBX Biosciences by 93.1% during the 1st quarter. Parkman Healthcare Partners LLC now owns 328,323 shares of the company’s stock worth $2,423,000 after buying an additional 158,323 shares during 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.