MBX Biosciences, Inc. $MBX Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America initiated a position in MBX Biosciences, purchasing 298,927 shares valued at approximately $16.5 million, or about 0.62% of the company. Other institutions, including BlackRock and Parkman Healthcare Partners, also recently established or increased stakes.
• MBX shares opened at $55.39, with a market capitalization of $2.67 billion, after trading between $12.94 and $72.64 over the past year. The company reported a quarterly loss of $0.78 per share, missing estimates by $0.10.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $77 price target; Barclays, Truist, and UBS have set targets between $88 and $90, though two firms maintain sell ratings.

Bank of America Corp DE bought a new position in MBX Biosciences, Inc. (NASDAQ:MBX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 298,927 shares of the company's stock, valued at approximately $16,501,000. Bank of America Corp DE owned about 0.62% of MBX Biosciences at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MBX. BlackRock Inc. purchased a new stake in shares of MBX Biosciences during the 2nd quarter worth approximately $183,467,000. Aaron Wealth Advisors LLC lifted its position in MBX Biosciences by 1,568.8% during the first quarter. Aaron Wealth Advisors LLC now owns 1,168,176 shares of the company's stock valued at $34,870,000 after purchasing an additional 1,098,176 shares during the last quarter. Eventide Asset Management LLC purchased a new position in shares of MBX Biosciences in the 4th quarter worth $28,071,000. Parkman Healthcare Partners LLC purchased a new position in shares of MBX Biosciences in the 2nd quarter worth $44,170,000. Finally, Stempoint Capital LP increased its holdings in shares of MBX Biosciences by 535.8% in the 1st quarter. Stempoint Capital LP now owns 499,469 shares of the company's stock worth $14,909,000 after buying an additional 420,916 shares during the last quarter.

MBX Biosciences Price Performance

MBX Biosciences stock opened at $55.39 on Friday. The firm has a market capitalization of $2.67 billion, a P/E ratio of -22.98 and a beta of 0.04. MBX Biosciences, Inc. has a 1-year low of $12.94 and a 1-year high of $72.64. The company's 50-day moving average is $63.67 and its 200 day moving average is $46.47.

MBX Biosciences (NASDAQ:MBX - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.10). Research analysts anticipate that MBX Biosciences, Inc. will post -3.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MBX has been the subject of a number of analyst reports. Barclays reaffirmed an "overweight" rating and issued a $88.00 price target on shares of MBX Biosciences in a report on Friday, August 7th. Truist Financial upped their price objective on MBX Biosciences from $70.00 to $88.00 and gave the company a "buy" rating in a research report on Monday, August 10th. UBS Group reaffirmed a "buy" rating and issued a $90.00 price objective on shares of MBX Biosciences in a research note on Thursday, July 23rd. Wall Street Zen cut MBX Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of MBX Biosciences in a research report on Friday, July 17th. One 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

About MBX Biosciences

MBX Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing precision peptide therapies for endocrine and metabolic disorders. The company uses its Precision Empowered Peptide platform to design peptide medicines intended to provide targeted biological activity, extended duration and improved dosing convenience.

MBX's lead product candidate is MBX 2109, an investigational long-acting parathyroid hormone replacement therapy being developed for people with hypoparathyroidism.

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