MBX Biosciences (NYSE:MBX) Reaches New 12-Month Low – Here’s Why

MBX Biosciences, Inc. (NYSE:MBX) reached a new 52-week low on Friday . The stock traded as low as $19.30 and last traded at $19.52, with a volume of 3519 shares. The stock had previously closed at $19.49.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MBX. Jefferies Financial Group began coverage on MBX Biosciences in a report on Tuesday, October 8th. They issued a “buy” rating and a $35.00 target price on the stock. Stifel Nicolaus began coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $40.00 price objective on the stock. Guggenheim assumed coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued a “buy” rating and a $44.00 target price for the company. Finally, JPMorgan Chase & Co. started coverage on MBX Biosciences in a report on Tuesday, October 8th. They issued an “overweight” rating and a $30.00 price target for the company.

MBX Biosciences Price Performance

The stock’s 50-day simple moving average is $22.83.

MBX Biosciences (NYSE:MBX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.72) by ($0.06). As a group, equities analysts expect that MBX Biosciences, Inc. will post -13.21 EPS for the current year.

Insider Activity

In related news, major shareholder Life Sciences X. L.P. Frazier purchased 625,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were bought at an average price of $16.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider now directly owns 4,552,774 shares in the company, valued at $72,844,384. This trade represents a 15.91 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Edward T. Mathers acquired 500,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were bought at an average cost of $16.00 per share, with a total value of $8,000,000.00. Following the completion of the purchase, the director now owns 3,614,486 shares of the company’s stock, valued at $57,831,776. This trade represents a 16.05 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Institutional Trading of MBX Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of MBX. Point72 Asia Singapore Pte. Ltd. acquired a new position in MBX Biosciences during the third quarter valued at approximately $278,000. Point72 Asset Management L.P. acquired a new position in shares of MBX Biosciences in the 3rd quarter valued at $405,000. Barclays PLC bought a new stake in shares of MBX Biosciences in the 3rd quarter valued at $426,000. Geode Capital Management LLC acquired a new stake in MBX Biosciences during the 3rd quarter worth $579,000. Finally, Point72 DIFC Ltd acquired a new stake in MBX Biosciences during the 3rd quarter worth $624,000.

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.