EcoR1 Capital LLC Decreases Stock Position in MBX Biosciences, Inc. $MBX

Key Points

• EcoR1 Capital cut its MBX Biosciences position by 63.4% during the first quarter, selling 1.35 million shares and retaining 777,000 shares valued at approximately $23.2 million.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $66.75; targets from Citizens JMP and Barclays were recently raised.
• MBX shares opened at $61.30, near their 52-week high of $66.66, while trading well above their 50-day and 200-day moving averages.

EcoR1 Capital LLC reduced its holdings in shares of MBX Biosciences, Inc. (NASDAQ:MBX - Free Report) by 63.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 777,000 shares of the company's stock after selling 1,346,604 shares during the quarter. MBX Biosciences makes up 1.0% of EcoR1 Capital LLC's investment portfolio, making the stock its 15th largest position. EcoR1 Capital LLC owned approximately 1.63% of MBX Biosciences worth $23,193,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. GF Fund Management CO. LTD. acquired a new position in shares of MBX Biosciences during the 4th quarter worth approximately $28,000. Russell Investments Group Ltd. raised its stake in MBX Biosciences by 4,131.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,481 shares of the company's stock valued at $26,000 after purchasing an additional 1,446 shares during the last quarter. Royal Bank of Canada lifted its holdings in MBX Biosciences by 59.6% in the 4th quarter. Royal Bank of Canada now owns 1,532 shares of the company's stock valued at $49,000 after purchasing an additional 572 shares in the last quarter. Strs Ohio boosted its stake in shares of MBX Biosciences by 128.6% during the 1st quarter. Strs Ohio now owns 1,600 shares of the company's stock worth $48,000 after purchasing an additional 900 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in shares of MBX Biosciences by 64.7% in the fourth quarter. California State Teachers Retirement System now owns 1,754 shares of the company's stock valued at $55,000 after buying an additional 689 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MBX. Citizens Jmp increased their price target on MBX Biosciences from $76.00 to $86.00 and gave the stock a "market outperform" rating in a research note on Tuesday, May 12th. Barclays increased their target price on MBX Biosciences from $66.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 12th. Lifesci Capital upgraded shares of MBX Biosciences to a "strong-buy" rating in a report on Tuesday, March 31st. Weiss Ratings restated a "sell (d-)" rating on shares of MBX Biosciences in a report on Friday, July 17th. Finally, Stifel Nicolaus set a $56.00 price target on shares of MBX Biosciences in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $66.75.

MBX Biosciences Stock Down 1.1%

MBX Biosciences stock opened at $61.30 on Tuesday. The firm has a fifty day moving average of $46.01 and a 200-day moving average of $38.18. MBX Biosciences, Inc. has a 52-week low of $9.63 and a 52-week high of $66.66. The firm has a market capitalization of $2.92 billion, a P/E ratio of -27.74 and a beta of 0.16.

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.

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