The Manufacturers Life Insurance Company Buys New Stake in MBX Biosciences, Inc. $MBX

Key Points

• The Manufacturers Life Insurance Company acquired 66,112 MBX Biosciences shares worth approximately $3.65 million, while several other institutions—including BlackRock and Deutsche Bank—also initiated or increased positions.
• MBX shares opened at $60.93, near the midpoint of their 52-week range, but the company reported a quarterly loss of $0.78 per share, missing analyst expectations of a $0.68 loss.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and a $77 price target; recent targets range from $86 to $90.

The Manufacturers Life Insurance Company bought a new stake in MBX Biosciences, Inc. (NASDAQ:MBX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 66,112 shares of the company's stock, valued at approximately $3,649,000. The Manufacturers Life Insurance Company owned approximately 0.14% of MBX Biosciences as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Group One Trading LLC acquired a new position in shares of MBX Biosciences during the second quarter worth $289,000. Algert Global LLC boosted its position in shares of MBX Biosciences by 16.8% in the 2nd quarter. Algert Global LLC now owns 42,070 shares of the company's stock worth $2,322,000 after purchasing an additional 6,050 shares in the last quarter. Quantbot Technologies LP purchased a new position in MBX Biosciences during the 2nd quarter worth $213,000. BlackRock Inc. purchased a new position in MBX Biosciences during the 2nd quarter worth $183,467,000. Finally, Deutsche Bank AG acquired a new position in MBX Biosciences during the 2nd quarter valued at about $1,749,000.

MBX Biosciences Stock Performance

MBX opened at $60.93 on Wednesday. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of -25.28 and a beta of 0.04. MBX Biosciences, Inc. has a fifty-two week low of $9.63 and a fifty-two week high of $72.64. The company has a fifty day moving average of $62.44 and a two-hundred day moving average of $43.39.

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

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Barclays reiterated an "overweight" rating and issued a $88.00 price target on shares of MBX Biosciences in a research note on Friday, August 7th. Truist Financial increased their price objective on shares of 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 reiterated a "buy" rating and issued a $90.00 target price on shares of MBX Biosciences in a research note on Thursday, July 23rd. JPMorgan Chase & Co. began coverage on shares of MBX Biosciences in a research report on Friday, August 21st. They set an "overweight" rating and a $88.00 target price on the stock. Finally, Citizens Jmp upped their price target on shares of MBX Biosciences from $76.00 to $86.00 and gave the company a "market outperform" rating in a research note on Tuesday, May 12th. 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

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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