Bank of New York Mellon Corp Purchases Shares of 88,927 MBX Biosciences, Inc. $MBX

Key Points

• Bank of New York Mellon acquired 88,927 shares of MBX Biosciences valued at approximately $4.9 million, representing a 0.19% stake. Several other institutional investors also increased their holdings during the second quarter.
• Analyst sentiment is broadly positive, with MBX receiving a consensus “Moderate Buy” rating and an average price target of $77.00, though two analysts maintain sell ratings.
• MBX shares opened at $61.72, compared with a 52-week range of $9.63 to $72.64. The clinical-stage biopharmaceutical company reported a quarterly loss of $0.78 per share, missing estimates of a $0.68 loss.

Bank of New York Mellon Corp acquired a new stake in shares of MBX Biosciences, Inc. (NASDAQ:MBX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 88,927 shares of the company's stock, valued at approximately $4,909,000. Bank of New York Mellon Corp owned 0.19% of MBX Biosciences at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in 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 period. Rhumbline Advisers increased its holdings in shares of MBX Biosciences by 171.6% during the second quarter. Rhumbline Advisers now owns 23,662 shares of the company's stock valued at $270,000 after acquiring an additional 14,950 shares in the last quarter. XTX Topco Ltd bought a new position in shares of MBX Biosciences in the 2nd quarter worth $135,000. The Manufacturers Life Insurance Company increased its stake in MBX Biosciences by 73.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 87,097 shares of the company's stock valued at $994,000 after purchasing an additional 36,987 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in MBX Biosciences by 40.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,329 shares of the company's stock worth $106,000 after buying an additional 2,682 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MBX shares. Mizuho upped their target price on shares of MBX Biosciences from $57.00 to $91.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Stifel Nicolaus set a $56.00 target price on MBX Biosciences in a research report on Tuesday, May 12th. Truist Financial upped their price target on MBX Biosciences from $70.00 to $88.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Wall Street Zen downgraded shares of MBX Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MBX Biosciences in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, MBX Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $77.00.

MBX Biosciences Price Performance

NASDAQ:MBX opened at $61.72 on Friday. MBX Biosciences, Inc. has a one year low of $9.63 and a one year high of $72.64. The company's 50-day simple moving average is $63.10 and its 200 day simple moving average is $43.84. The firm has a market capitalization of $2.97 billion, a P/E ratio of -25.61 and a beta of 0.04.

MBX Biosciences (NASDAQ:MBX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.78) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.10). On average, equities research analysts expect that MBX Biosciences, Inc. will post -3.11 earnings per share for the current fiscal year.

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.

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