MBX Biosciences (NASDAQ:MBX) Reaches New 12-Month High – Still a Buy?

Shares of MBX Biosciences, Inc. (NASDAQ:MBX) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $35.55 and last traded at $34.80, with a volume of 989369 shares. The stock had previously closed at $30.42.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Guggenheim decreased their target price on MBX Biosciences from $84.00 to $77.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Mizuho raised their target price on shares of MBX Biosciences from $38.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Citigroup reiterated an “outperform” rating on shares of MBX Biosciences in a research report on Monday, September 22nd. Wall Street Zen upgraded shares of MBX Biosciences from a “sell” rating to a “hold” rating in a research note on Sunday. Finally, TD Cowen initiated coverage on shares of MBX Biosciences in a research note on Tuesday, November 4th. They issued a “buy” rating on the stock. Ten research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.63.

MBX Biosciences Price Performance

The stock has a market cap of $1.45 billion, a PE ratio of -13.49 and a beta of 0.75. The stock’s 50-day simple moving average is $25.80.

MBX Biosciences (NASDAQ:MBX) last released its earnings results on Thursday, November 6th. The company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.10.

Insider Buying and Selling at MBX Biosciences

In other MBX Biosciences news, Director Patrick J. Heron purchased 666,666 shares of MBX Biosciences stock in a transaction dated Friday, September 26th. The stock was acquired at an average cost of $18.00 per share, with a total value of $11,999,988.00. Following the acquisition, the director directly owned 5,219,440 shares of the company’s stock, valued at $93,949,920. This represents a 14.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO P. Kent Hawryluk purchased 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average price of $13.64 per share, for a total transaction of $272,800.00. Following the completion of the purchase, the chief executive officer owned 468,277 shares of the company’s stock, valued at approximately $6,387,298.28. This represents a 4.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 706,666 shares of company stock valued at $12,537,788. 52.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MBX Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its stake in shares of MBX Biosciences by 4,131.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,481 shares of the company’s stock worth $26,000 after purchasing an additional 1,446 shares during the period. FNY Investment Advisers LLC acquired a new position in MBX Biosciences during the third quarter worth about $27,000. BNP Paribas Financial Markets increased its holdings in MBX Biosciences by 117.9% in the third quarter. BNP Paribas Financial Markets now owns 2,896 shares of the company’s stock valued at $51,000 after buying an additional 1,567 shares in the last quarter. 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 valued at $65,000 after acquiring an additional 4,424 shares during the period. Finally, China Universal Asset Management Co. Ltd. purchased a new stake in shares of MBX Biosciences during the 3rd quarter worth approximately $88,000.

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.