Franklin Resources Inc. Sells 80,700 Shares of MBX Biosciences, Inc. (NYSE:MBX)

Franklin Resources Inc. cut its stake in MBX Biosciences, Inc. (NYSE:MBX - Free Report) by 17.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 369,300 shares of the company's stock after selling 80,700 shares during the period. Franklin Resources Inc. owned 1.11% of MBX Biosciences worth $6,806,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MBX. Wellington Management Group LLP purchased a new position in shares of MBX Biosciences in the 3rd quarter valued at approximately $74,261,000. Charles Schwab Investment Management Inc. bought a new stake in shares of MBX Biosciences during the 4th quarter valued at $1,720,000. The Manufacturers Life Insurance Company purchased a new position in MBX Biosciences during the 3rd quarter valued at about $1,200,000. Teachers Retirement System of The State of Kentucky bought a new stake in MBX Biosciences during the third quarter worth about $694,000. Finally, Jane Street Group LLC purchased a new stake in MBX Biosciences in the third quarter worth about $690,000.

Insider Activity at MBX Biosciences

In related news, Director Carl L. Gordon bought 143,170 shares of the stock in a transaction on Tuesday, February 18th. The shares were acquired at an average price of $10.84 per share, for a total transaction of $1,551,962.80. Following the purchase, the director now owns 3,255,000 shares of the company's stock, valued at approximately $35,284,200. The trade was a 4.60 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO P. Kent Hawryluk purchased 50,000 shares of MBX Biosciences stock in a transaction dated Tuesday, February 4th. The stock was bought at an average price of $10.69 per share, with a total value of $534,500.00. Following the completion of the purchase, the chief executive officer now directly owns 448,277 shares of the company's stock, valued at approximately $4,792,081.13. This trade represents a 12.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 248,365 shares of company stock valued at $2,600,619 over the last ninety days.

MBX Biosciences Stock Performance

MBX traded down $0.04 during trading on Tuesday, hitting $7.39. 50,153 shares of the company's stock traded hands, compared to its average volume of 244,828. The company's 50 day simple moving average is $8.81 and its two-hundred day simple moving average is $15.37. MBX Biosciences, Inc. has a 12-month low of $4.81 and a 12-month high of $27.50.

Wall Street Analysts Forecast Growth

MBX has been the topic of a number of analyst reports. Guggenheim reissued a "buy" rating and issued a $44.00 price target on shares of MBX Biosciences in a research report on Thursday, April 10th. JMP Securities began coverage on MBX Biosciences in a research note on Thursday, April 10th. They issued a "market outperform" rating and a $38.00 target price on the stock. Finally, Citizens Jmp began coverage on MBX Biosciences in a report on Thursday, April 10th. They set an "outperform" rating and a $38.00 price target for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $37.50.

About MBX Biosciences

MBX Biosciences, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of precision peptide therapies for the treatment of endocrine and metabolic disorders. Its lead product candidate is MBX 2109, a parathyroid hormone peptide prodrug, which is in Phase 2 clinical trial designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism.