MBX Biosciences (NASDAQ:MBX) Price Target Raised to $70.00

Key Points

• Truist Financial raised its price target on MBX Biosciences from $50 to $70 and kept a buy rating, implying about 61.48% upside from the current share price.
• Analyst sentiment is mixed but mostly positive: the stock has an overall “Moderate Buy” rating, with an average price target of $55.75, though some firms still have sell ratings.
• MBX shares jumped 5.8% to $43.35 on the news, and the company recently beat quarterly earnings expectations by reporting a smaller-than-expected loss.

MBX Biosciences (NASDAQ:MBX - Get Free Report) had its target price raised by Truist Financial from $50.00 to $70.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price objective would suggest a potential upside of 61.48% from the stock's current price.

A number of other analysts have also recently weighed in on the company. TD Cowen reaffirmed a "buy" rating on shares of MBX Biosciences in a research report on Thursday, March 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MBX Biosciences in a research report on Tuesday, April 21st. Barclays initiated coverage on MBX Biosciences in a research report on Tuesday, January 27th. They issued an "overweight" rating and a $66.00 price target for the company. Guggenheim boosted their price target on MBX Biosciences from $77.00 to $88.00 and gave the stock a "buy" rating in a research report on Friday, January 16th. Finally, Lifesci Capital raised MBX Biosciences to a "strong-buy" rating in a research report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, MBX Biosciences presently has an average rating of "Moderate Buy" and an average price target of $55.75.

MBX Biosciences Stock Up 5.8%

Shares of NASDAQ:MBX traded up $2.38 on Monday, reaching $43.35. The company had a trading volume of 725,202 shares, compared to its average volume of 599,868. MBX Biosciences has a twelve month low of $9.43 and a twelve month high of $45.85. The stock has a 50-day moving average price of $30.98 and a 200 day moving average price of $31.04. The stock has a market capitalization of $2.06 billion, a P/E ratio of -19.67 and a beta of 0.78.

MBX Biosciences (NASDAQ:MBX - Get Free Report) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($0.49) earnings per share for the quarter, topping analysts' consensus estimates of ($0.64) by $0.15. On average, sell-side analysts predict that MBX Biosciences will post -2.9 earnings per share for the current fiscal year.

Insider Buying and Selling at MBX Biosciences

In other MBX Biosciences news, CEO P. Kent Hawryluk acquired 18,500 shares of the business's stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $28.41 per share, with a total value of $525,585.00. Following the transaction, the chief executive officer owned 486,777 shares of the company's stock, valued at approximately $13,829,334.57. This trade represents a 3.95% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Hedge Funds Weigh In On MBX Biosciences

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP acquired a new position in shares of MBX Biosciences during the 1st quarter worth about $1,396,000. Swiss National Bank bought a new position in MBX Biosciences during the first quarter valued at about $1,325,000. Bank of New York Mellon Corp increased its stake in MBX Biosciences by 6.6% during the first quarter. Bank of New York Mellon Corp now owns 80,222 shares of the company's stock valued at $2,395,000 after acquiring an additional 4,960 shares during the period. Candriam S.C.A. bought a new position in MBX Biosciences during the first quarter valued at about $8,787,000. Finally, Strs Ohio increased its stake in MBX Biosciences by 128.6% during the first quarter. Strs Ohio now owns 1,600 shares of the company's stock valued at $48,000 after acquiring an additional 900 shares during the period.

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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