MBX Biosciences (NASDAQ:MBX) Shares Gap Up After Insider Buying Activity

Key Points

• MBX Biosciences shares surged from $14.23 to $14.81 after insider buying activity by Director Steven L. Hoerter, who purchased 20,000 shares at $13.25 each.
• Analysts have a consensus rating of "Moderate Buy" for MBX with a target price averaging around $44.00, while some firms, like Mizuho, set targets as high as $56.00.
• The stock has seen substantial interest from institutional investors, with several funds increasing their positions significantly during the first and second quarters.

Shares of MBX Biosciences, Inc. (NASDAQ:MBX - Get Free Report) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $14.23, but opened at $14.81. MBX Biosciences shares last traded at $14.93, with a volume of 633,492 shares traded.

Specifically, Director Steven L. Hoerter bought 20,000 shares of the company's stock in a transaction on Friday, October 17th. The shares were bought at an average cost of $13.25 per share, with a total value of $265,000.00. Following the transaction, the director directly owned 20,000 shares in the company, valued at approximately $265,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Analysts Set New Price Targets

A number of brokerages have recently commented on MBX. Truist Financial began coverage on MBX Biosciences in a report on Wednesday, October 15th. They set a "buy" rating and a $50.00 price objective on the stock. Citigroup reissued an "outperform" rating on shares of MBX Biosciences in a report on Monday, September 22nd. Mizuho increased their price objective on MBX Biosciences from $38.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Wall Street Zen upgraded MBX Biosciences from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of MBX Biosciences in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, MBX Biosciences currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.

MBX Biosciences Trading Up 6.0%

The stock has a market cap of $506.60 million and a P/E ratio of -3.32. The firm has a 50-day moving average of $14.34.

Hedge Funds Weigh In On MBX Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund bought a new position in shares of MBX Biosciences during the 1st quarter worth approximately $32,000. Deutsche Bank AG lifted its position in shares of MBX Biosciences by 102.0% during the 1st quarter. Deutsche Bank AG now owns 8,762 shares of the company's stock worth $65,000 after buying an additional 4,424 shares during the period. Wealthedge Investment Advisors LLC bought a new position in shares of MBX Biosciences during the 1st quarter worth approximately $88,000. Virtus Investment Advisers LLC lifted its position in shares of MBX Biosciences by 9.6% during the 2nd quarter. Virtus Investment Advisers LLC now owns 8,772 shares of the company's stock worth $100,000 after buying an additional 766 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of MBX Biosciences by 40.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,329 shares of the company's stock worth $106,000 after buying an additional 2,682 shares during the period.

MBX Biosciences Company Profile

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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