MBX Biosciences (NASDAQ:MBX) Hits New 52-Week High – Here’s What Happened

MBX Biosciences, Inc. (NASDAQ:MBX)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $46.01 and last traded at $43.9450, with a volume of 201790 shares trading hands. The stock had previously closed at $43.03.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MBX shares. Truist Financial increased their price objective on shares of MBX Biosciences from $50.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Wall Street Zen downgraded shares of MBX Biosciences from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MBX Biosciences in a report on Tuesday, April 21st. UBS Group reissued a “buy” rating on shares of MBX Biosciences in a research report on Tuesday, February 24th. Finally, TD Cowen restated a “buy” rating on shares of MBX Biosciences in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, MBX Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $60.22.

MBX Biosciences Trading Up 5.6%

The stock has a market capitalization of $2.21 billion, a P/E ratio of -20.99 and a beta of 0.75. The stock’s 50 day simple moving average is $33.97 and its 200 day simple moving average is $33.43.

Hedge Funds Weigh In On MBX Biosciences

Several large investors have recently modified their holdings of MBX. Stempoint Capital LP grew its stake in MBX Biosciences by 535.8% in the first quarter. Stempoint Capital LP now owns 499,469 shares of the company’s stock worth $14,909,000 after purchasing an additional 420,916 shares in the last quarter. Janus Henderson Group PLC acquired a new position in shares of MBX Biosciences in the 1st quarter worth approximately $308,000. California State Teachers Retirement System increased its holdings in shares of MBX Biosciences by 1,197.9% in the 1st quarter. California State Teachers Retirement System now owns 22,765 shares of the company’s stock valued at $680,000 after acquiring an additional 21,011 shares during the last quarter. Rock Springs Capital Management LP increased its holdings in shares of MBX Biosciences by 1.9% in the 1st quarter. Rock Springs Capital Management LP now owns 287,967 shares of the company’s stock valued at $8,596,000 after acquiring an additional 5,343 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of MBX Biosciences by 30.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 90,634 shares of the company’s stock valued at $2,705,000 after acquiring an additional 21,083 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.