MBX Biosciences (NASDAQ:MBX) CEO Steven Hoerter Sells 4,893 Shares of Company Stock

Key Points

• CEO Steven Hoerter sold 4,893 shares for about $268,234; the sale covered tax withholding on vested equity awards. He retained 78,045 shares afterward.
• MBX reported a quarterly loss of $1.29 per share, missing analyst expectations of a $0.80 loss by $0.49 per share.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $87.30; institutional investors also reported several recent stake increases and new positions.

MBX Biosciences, Inc. (NASDAQ:MBX - Get Free Report) CEO Steven Hoerter sold 4,893 shares of the company's stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $54.82, for a total transaction of $268,234.26. Following the transaction, the chief executive officer owned 78,045 shares of the company's stock, valued at $4,278,426.90. This represents a 5.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

MBX Biosciences Stock Up 2.5%

MBX stock opened at $57.72 on Thursday. MBX Biosciences, Inc. has a fifty-two week low of $23.07 and a fifty-two week high of $72.64. The firm's 50-day simple moving average is $56.02 and its 200 day simple moving average is $46.20. The stock has a market cap of $2.87 billion, a PE ratio of -18.80 and a beta of 0.17.

MBX Biosciences (NASDAQ:MBX - Get Free Report) last issued its quarterly earnings data on Monday, November 9th. The company reported ($1.29) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.49). Equities analysts forecast that MBX Biosciences, Inc. will post -3.10 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in shares of MBX Biosciences by 55.9% during the second quarter. Wellington Management Group LLP now owns 4,977,523 shares of the company's stock valued at $274,759,000 after acquiring an additional 1,785,699 shares during the period. BlackRock Inc. bought a new position in MBX Biosciences during the 2nd quarter valued at $183,467,000. Parkman Healthcare Partners LLC bought a new position in MBX Biosciences during the 2nd quarter valued at $44,170,000. Bank of America Corp DE acquired a new position in shares of MBX Biosciences during the 2nd quarter valued at $16,501,000. Finally, Stempoint Capital LP increased its position in shares of MBX Biosciences by 535.8% during the 1st quarter. Stempoint Capital LP now owns 499,469 shares of the company's stock valued at $14,909,000 after purchasing an additional 420,916 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MBX. Stifel Nicolaus boosted their price objective on MBX Biosciences from $70.00 to $84.00 and gave the stock a "buy" rating in a research report on Monday, October 12th. Barclays restated an "overweight" rating and issued a $88.00 target price on shares of MBX Biosciences in a research report on Friday, August 7th. Guggenheim lifted their target price on MBX Biosciences from $88.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, October 2nd. Citigroup reiterated a "market outperform" rating on shares of MBX Biosciences in a research report on Tuesday, October 27th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of MBX Biosciences in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, MBX Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $87.30.

MBX Biosciences Company Profile

MBX Biosciences, Inc. is a clinical-stage biopharmaceutical company developing peptide-based treatments for endocrine and metabolic disorders. The company's research focuses on conditions in which naturally occurring hormones are deficient or do not function adequately. MBX uses its Precision Endocrine Peptide (PEP) platform to design peptide medicines intended to provide more durable hormone activity. Its lead candidate, MBX 2109, is being developed as a long-acting parathyroid hormone replacement therapy for people with chronic hypoparathyroidism.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.