MBX Biosciences (NASDAQ:MBX) Hits New 12-Month High – Here’s Why

MBX Biosciences, Inc. (NASDAQ:MBX)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $66.66 and last traded at $61.10, with a volume of 107404 shares trading hands. The stock had previously closed at $63.57.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Citigroup reaffirmed an “outperform” rating on shares of MBX Biosciences in a research note on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MBX Biosciences in a research report on Friday, July 17th. Wall Street Zen lowered shares of MBX Biosciences from a “hold” rating to a “sell” rating in a report on Monday, July 20th. Stifel Nicolaus set a $56.00 price target on shares of MBX Biosciences in a research report on Tuesday, May 12th. Finally, Citizens Jmp boosted their price target on shares of MBX Biosciences from $76.00 to $86.00 and gave the stock a “market outperform” rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, MBX Biosciences has an average rating of “Moderate Buy” and a consensus price target of $66.75.

MBX Biosciences Stock Performance

The stock’s fifty day moving average is $45.40 and its 200 day moving average is $37.89. The stock has a market cap of $2.95 billion, a P/E ratio of -28.05 and a beta of 0.16.

Institutional Investors Weigh In On MBX Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MBX. Stempoint Capital LP lifted its stake in shares of MBX Biosciences by 535.8% in the 1st quarter. Stempoint Capital LP now owns 499,469 shares of the company’s stock valued at $14,909,000 after purchasing an additional 420,916 shares during the last quarter. Janus Henderson Group PLC bought a new position in shares of MBX Biosciences during the 1st quarter valued at approximately $308,000. California State Teachers Retirement System increased its position in shares of MBX Biosciences by 1,197.9% during the 1st 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 during the last quarter. Rock Springs Capital Management LP raised its holdings in MBX Biosciences by 1.9% during the 1st quarter. Rock Springs Capital Management LP now owns 287,967 shares of the company’s stock valued at $8,596,000 after buying an additional 5,343 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in MBX Biosciences by 30.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 90,634 shares of the company’s stock valued at $2,705,000 after buying an additional 21,083 shares during the period.

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.