MBX Biosciences (NYSE:MBX) Trading 5.9% Higher – Time to Buy?

MBX Biosciences, Inc. (NYSE:MBX) traded up 5.9% during mid-day trading on Tuesday . The stock traded as high as $20.49 and last traded at $20.12. 29,555 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 120,599 shares. The stock had previously closed at $19.00.

Analyst Upgrades and Downgrades

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

MBX Biosciences Stock Up 6.1 %

The stock’s 50 day moving average price is $21.98.

MBX Biosciences (NYSE:MBX) last announced its quarterly earnings data 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). Sell-side analysts predict that MBX Biosciences, Inc. will post -13.21 earnings per share for the current fiscal year.

Insider Transactions at MBX Biosciences

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. NEA Management Company LLC bought a new position in MBX Biosciences during the 3rd quarter worth $93,904,000. Barclays PLC acquired a new stake in shares of MBX Biosciences in the third quarter valued at about $426,000. Franklin Resources Inc. bought a new stake in shares of MBX Biosciences in the 3rd quarter valued at $11,691,000. Teachers Retirement System of The State of Kentucky bought a new position in shares of MBX Biosciences in the 3rd quarter worth about $694,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of MBX Biosciences in the 3rd quarter valued at $405,000.

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.