MBX Biosciences (NASDAQ:MBX) Trading 9.9% Higher - Time to Buy?

Key Points

• MBX Biosciences shares surged by 9.9% to $16.25, with a market cap of $543.18 million and a PE ratio of -3.58.
• Analysts have given MBX Biosciences a strong outlook, with seven "Buy" ratings and a consensus target price of $44.00, with some expecting prices as high as $56.00.
• Recent insider activity includes Director Patrick J. Heron purchasing 666,666 shares for approximately $12 million, indicating high confidence in the company's prospects.

MBX Biosciences, Inc. (NASDAQ:MBX - Get Free Report) shares were up 9.9% during mid-day trading on Thursday . The stock traded as high as $16.49 and last traded at $16.25. Approximately 582,599 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 590,557 shares. The stock had previously closed at $14.78.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MBX. Oppenheimer started coverage on shares of MBX Biosciences in a report on Wednesday, July 16th. They issued an "outperform" rating and a $38.00 price objective for the company. Truist Financial began coverage on MBX Biosciences in a research report on Wednesday, October 15th. They issued a "buy" rating and a $50.00 price objective for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of MBX Biosciences in a report on Wednesday, October 8th. Citigroup restated an "outperform" rating on shares of MBX Biosciences in a report on Monday, September 22nd. Finally, Mizuho boosted their target price on MBX Biosciences from $38.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, MBX Biosciences presently has an average rating of "Moderate Buy" and a consensus price target of $44.00.

MBX Biosciences Stock Up 9.4%

The stock has a market cap of $543.18 million and a PE ratio of -3.58. The company's 50 day simple moving average is $14.37.

Insider Buying and Selling at MBX Biosciences

In other news, Director Patrick J. Heron acquired 666,666 shares of the business's stock in a transaction that occurred on Friday, September 26th. The stock was bought at an average price of $18.00 per share, with a total value of $11,999,988.00. Following the completion of the acquisition, the director directly owned 5,219,440 shares of the company's stock, valued at approximately $93,949,920. The trade was a 14.64% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven L. Hoerter acquired 20,000 shares of the stock in a transaction dated Friday, October 17th. The stock was acquired at an average price of $13.25 per share, for a total transaction of $265,000.00. Following the completion of the transaction, the director directly owned 20,000 shares of the company's stock, valued at approximately $265,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 706,666 shares of company stock worth $12,537,788. Insiders own 52.19% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MBX. New York State Common Retirement Fund purchased a new stake in MBX Biosciences in the first quarter valued at approximately $32,000. Deutsche Bank AG grew its position in MBX Biosciences by 102.0% during the first 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 acquired a new stake in shares of MBX Biosciences in the first quarter valued at approximately $88,000. Virtus Investment Advisers LLC boosted its position in MBX Biosciences by 9.6% during the second quarter. Virtus Investment Advisers LLC now owns 8,772 shares of the company's stock worth $100,000 after acquiring an additional 766 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in MBX Biosciences by 40.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,329 shares of the company's stock worth $106,000 after purchasing an additional 2,682 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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