MBX Biosciences (NYSE:MBX) Director Patrick Heron Purchases 666,666 Shares

Key Points

• Patrick Heron, a director at MBX Biosciences, purchased 666,666 shares at an average cost of $18.00, totaling nearly $12 million, which increased his ownership stake by 14.64%.
• MBX Biosciences shares recently traded at $17.50, exhibiting a fluctuating range with a 52-week low of $4.81 and a high of $27.50.
• Analysts have a consensus rating of "Buy" for MBX Biosciences, with a target price of approximately $39.88 following positive coverage from major equity research firms.

MBX Biosciences, Inc. (NYSE:MBX - Get Free Report) Director Patrick Heron purchased 666,666 shares of the firm's stock in a transaction dated Friday, September 26th. The shares were bought at an average cost of $18.00 per share, with a total value of $11,999,988.00. Following the transaction, the director directly owned 5,219,440 shares of the company's stock, valued at approximately $93,949,920. This represents a 14.64% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

MBX Biosciences Stock Performance

Shares of MBX stock traded down $0.44 during mid-day trading on Tuesday, reaching $17.50. 917,965 shares of the company were exchanged, compared to its average volume of 560,030. MBX Biosciences, Inc. has a fifty-two week low of $4.81 and a fifty-two week high of $27.50. The company has a market capitalization of $587.90 million and a P/E ratio of -3.85. The business's 50 day simple moving average is $13.53 and its 200 day simple moving average is $11.38.

Institutional Investors Weigh In On MBX Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets bought a new stake in MBX Biosciences in the fourth quarter valued at $27,000. New York State Common Retirement Fund bought a new stake in shares of MBX Biosciences during the first quarter valued at about $32,000. Deutsche Bank AG raised its stake in shares of MBX Biosciences by 102.0% during the first quarter. Deutsche Bank AG now owns 8,762 shares of the company's stock valued at $65,000 after purchasing an additional 4,424 shares in the last quarter. Wealthedge Investment Advisors LLC bought a new stake in shares of MBX Biosciences during the first quarter valued at about $88,000. Finally, Virtus Investment Advisers LLC raised its stake in shares of MBX Biosciences by 9.6% during the second quarter. Virtus Investment Advisers LLC now owns 8,772 shares of the company's stock valued at $100,000 after purchasing an additional 766 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MBX shares. 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. Mizuho lifted their price objective on shares of MBX Biosciences from $38.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday, September 24th. Finally, Citigroup reaffirmed an "outperform" rating on shares of MBX Biosciences in a report on Monday, September 22nd. Nine equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, MBX Biosciences has a consensus rating of "Buy" and a consensus price target of $39.88.

MBX Biosciences Company Profile

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.

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