MBX Biosciences, Inc. $MBX is Orbimed Advisors LLC's 10th Largest Position

Key Points

• Orbimed Advisors reduced its MBX Biosciences position by 7.6% in the first quarter, selling 297,316 shares. It still owns 3.64 million shares worth approximately $108.6 million, representing 7.64% of MBX and 2% of Orbimed’s portfolio.
• Several other institutional investors increased their MBX holdings, including Russell Investments, Royal Bank of Canada, Strs Ohio, and California State Teachers Retirement System.
• MBX shares opened at $62, near their 52-week high of $66.66. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $66.75, though ratings range from “Strong Buy” to “Sell.”

Orbimed Advisors LLC cut its position in shares of MBX Biosciences, Inc. (NASDAQ:MBX - Free Report) by 7.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,637,887 shares of the company's stock after selling 297,316 shares during the period. MBX Biosciences accounts for 2.0% of Orbimed Advisors LLC's holdings, making the stock its 10th biggest position. Orbimed Advisors LLC owned about 7.64% of MBX Biosciences worth $108,591,000 at the end of the most recent reporting period.

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

MBX Biosciences Price Performance

Shares of NASDAQ MBX opened at $62.00 on Monday. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of -28.05 and a beta of 0.16. The company's 50-day simple moving average is $45.40 and its 200-day simple moving average is $37.96. MBX Biosciences, Inc. has a 52-week low of $9.63 and a 52-week high of $66.66.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MBX shares. UBS Group reaffirmed a "buy" rating and issued a $90.00 price target on shares of MBX Biosciences in a report on Thursday. Stifel Nicolaus set a $56.00 price objective on MBX Biosciences in a report on Tuesday, May 12th. Weiss Ratings restated a "sell (d-)" rating on shares of MBX Biosciences in a research report on Friday, July 17th. Truist Financial upped their target price on MBX Biosciences from $50.00 to $70.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. Finally, Lifesci Capital upgraded MBX Biosciences to a "strong-buy" rating in a research report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, MBX Biosciences has a consensus rating of "Moderate Buy" and an average price target of $66.75.

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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