JPMorgan Chase & Co. Initiates Coverage on MBX Biosciences (NASDAQ:MBX)

Key Points

• JPMorgan initiated coverage of MBX Biosciences with an “overweight” rating and an $88 price target, implying approximately 32% upside from the stock’s reported $66.62 price.
• Analyst sentiment is broadly positive: MBX has a consensus “Moderate Buy” rating and an average price target of $77, though Weiss Ratings maintains a “sell” rating.
• MBX shares rose 0.4% to $66.62, but the company reported a quarterly loss of $0.78 per share, missing estimates of a $0.68 loss; analysts expect a full-year loss of $3.12 per share.

Research analysts at JPMorgan Chase & Co. initiated coverage on shares of MBX Biosciences (NASDAQ:MBX - Get Free Report) in a report released on Friday. The brokerage set an "overweight" rating and a $88.00 price target on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 32.09% from the stock's current price.

Several other analysts have also weighed in on MBX. Barclays reaffirmed an "overweight" rating and issued a $88.00 price objective on shares of MBX Biosciences in a research note on Friday, August 7th. UBS Group reissued a "buy" rating and set a $90.00 target price on shares of MBX Biosciences in a research note on Thursday, July 23rd. Citigroup reissued an "outperform" rating on shares of MBX Biosciences in a report on Tuesday, May 12th. Citizens Jmp raised 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. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MBX Biosciences in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, MBX Biosciences currently has a consensus rating of "Moderate Buy" and an average price target of $77.00.

MBX Biosciences Trading Up 0.4%

NASDAQ MBX traded up $0.27 on Friday, hitting $66.62. 32,662 shares of the company's stock were exchanged, compared to its average volume of 678,240. The stock has a 50-day moving average of $58.69 and a 200-day moving average of $41.84. MBX Biosciences has a 52 week low of $9.63 and a 52 week high of $72.64. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of -27.64 and a beta of 0.10.

MBX Biosciences (NASDAQ:MBX - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.78) earnings per share for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.10). As a group, analysts predict that MBX Biosciences will post -3.12 earnings per share for the current year.

Institutional Investors Weigh In On MBX Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC grew its stake in shares of MBX Biosciences by 28.9% in the fourth quarter. CWM LLC now owns 1,784 shares of the company's stock worth $56,000 after purchasing an additional 400 shares during the last quarter. Royal Bank of Canada raised its position in 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 purchasing an additional 572 shares during the last quarter. California State Teachers Retirement System lifted its holdings in MBX Biosciences by 64.7% during the 4th quarter. California State Teachers Retirement System now owns 1,754 shares of the company's stock worth $55,000 after buying an additional 689 shares during the period. Strs Ohio lifted its holdings in MBX Biosciences by 128.6% during the 1st quarter. Strs Ohio now owns 1,600 shares of the company's stock worth $48,000 after buying an additional 900 shares during the period. Finally, State of Wyoming bought a new stake in shares of MBX Biosciences in the 2nd quarter valued at about $58,000.

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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