MBX Biosciences, Inc. (NYSE:MBX) Given Average Recommendation of "Buy" by Brokerages

MBX Biosciences, Inc. (NYSE:MBX - Get Free Report) has received a consensus recommendation of "Buy" from the six brokerages that are covering the firm, Marketbeat reports. Six research analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $37.50.

MBX has been the subject of a number of analyst reports. Citizens Jmp began coverage on MBX Biosciences in a research note on Thursday, April 10th. They set an "outperform" rating and a $38.00 target price for the company. Guggenheim reissued a "buy" rating and issued a $44.00 target price on shares of MBX Biosciences in a report on Thursday, April 10th. Finally, JMP Securities started coverage on shares of MBX Biosciences in a research report on Thursday, April 10th. They set a "market outperform" rating and a $38.00 target price on the stock.

Insider Activity at MBX Biosciences

In other news, Director Ora H. Pescovitz bought 7,693 shares of the stock in a transaction on Tuesday, April 8th. The shares were bought at an average price of $5.89 per share, with a total value of $45,311.77. Following the completion of the acquisition, the director now owns 24,329 shares of the company's stock, valued at approximately $143,297.81. This trade represents a 46.24% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 52.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MBX Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP grew its position in shares of MBX Biosciences by 44.1% in the first quarter. Woodline Partners LP now owns 877,461 shares of the company's stock valued at $6,476,000 after purchasing an additional 268,740 shares during the last quarter. Exome Asset Management LLC purchased a new stake in MBX Biosciences in the 1st quarter valued at approximately $982,000. Parkman Healthcare Partners LLC grew its holdings in MBX Biosciences by 93.1% during the 1st quarter. Parkman Healthcare Partners LLC now owns 328,323 shares of the company's stock valued at $2,423,000 after buying an additional 158,323 shares during the last quarter. MPM Bioimpact LLC purchased a new position in MBX Biosciences during the first quarter worth $8,361,000. Finally, Affinity Asset Advisors LLC acquired a new position in shares of MBX Biosciences in the first quarter worth $1,292,000.

MBX Biosciences Trading Up 4.0%

NYSE MBX traded up $0.52 during trading hours on Friday, hitting $13.66. 264,840 shares of the stock were exchanged, compared to its average volume of 251,518. MBX Biosciences has a 12-month low of $4.81 and a 12-month high of $27.50. The stock has a 50-day moving average of $9.61 and a 200 day moving average of $12.40.

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.