MBX Biosciences (NASDAQ:MBX) Shares Up 6.3% - Here's Why

Key Points

• MBX Biosciences shares rose 6.3% to $52.74 in Monday trading, although volume was about 70% below the stock’s average session volume.
• Analyst sentiment remains favorable: Guggenheim raised its price target to $150, while Stifel lifted its target to $84. The stock has a consensus “Moderate Buy” rating and an average price target of $87.
• MBX reported a quarterly loss of $0.78 per share, missing estimates of a $0.68 loss, and analysts expect a full-year loss of $3.10 per share. The clinical-stage biotech is developing peptide therapies, including lead candidate MBX 1416 for hypoparathyroidism.

MBX Biosciences, Inc. (NASDAQ:MBX - Get Free Report)'s share price rose 6.3% on Monday. The stock traded as high as $53.06 and last traded at $52.74. 194,748 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 648,550 shares. The stock had previously closed at $49.61.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MBX. Guggenheim upped their price objective on MBX Biosciences from $88.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, October 2nd. UBS Group reaffirmed a "buy" rating on shares of MBX Biosciences in a report on Monday, September 28th. Stifel Nicolaus lifted their target price on MBX Biosciences from $70.00 to $84.00 and gave the stock a "buy" rating in a research report on Monday, October 12th. Mizuho boosted their price target on MBX Biosciences from $57.00 to $91.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Finally, Barclays reiterated an "overweight" rating and issued a $88.00 price target on shares of MBX Biosciences in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, MBX Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $87.00.

MBX Biosciences Price Performance

The company has a fifty day moving average price of $60.61 and a two-hundred day moving average price of $49.38. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -21.84 and a beta of 0.10.

MBX Biosciences (NASDAQ:MBX - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.10). On average, research analysts expect that MBX Biosciences, Inc. will post -3.10 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MBX Biosciences

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new position in MBX Biosciences during the 2nd quarter valued at about $16,501,000. The Manufacturers Life Insurance Company lifted its position in shares of MBX Biosciences by 30.3% in the first quarter. The Manufacturers Life Insurance Company now owns 90,634 shares of the company's stock worth $2,705,000 after purchasing an additional 21,083 shares in the last quarter. Elmind Capital LP purchased a new stake in shares of MBX Biosciences in the second quarter worth approximately $5,023,200. California State Teachers Retirement System grew its position in MBX Biosciences by 1,197.9% during the first quarter. California State Teachers Retirement System now owns 22,765 shares of the company's stock valued at $680,000 after purchasing an additional 21,011 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in MBX Biosciences during the first quarter valued at approximately $1,396,000.

About MBX Biosciences

MBX Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing peptide therapies for endocrine and metabolic disorders. The company uses its Precision Endocrine Peptide platform to design engineered peptides intended to provide targeted activity, extended duration and more consistent treatment effects.

MBX's lead program, MBX 1416, is an investigational long-acting parathyroid hormone receptor agonist being developed as a potential replacement therapy for people with hypoparathyroidism, a disorder in which the body produces insufficient parathyroid hormone.

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