MBX Biosciences (NYSE:MBX) Shares Down 3.6% - Time to Sell?

Shares of MBX Biosciences, Inc. (NYSE:MBX - Get Free Report) fell 3.6% on Friday . The company traded as low as $19.93 and last traded at $20.22. 17,809 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 120,763 shares. The stock had previously closed at $20.97.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MBX shares. 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 target for the company. Guggenheim assumed coverage on shares of MBX Biosciences in a research report on Tuesday, October 8th. They set a "buy" rating and a $44.00 target price for the company. Stifel Nicolaus began coverage on shares of MBX Biosciences in a report on Tuesday, October 8th. They set a "buy" rating and a $40.00 target price for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of MBX Biosciences in a research note on Tuesday, October 8th. They set an "overweight" rating and a $30.00 price target on the stock.

MBX Biosciences Price Performance

The company's 50-day moving average price is $22.04.

MBX Biosciences (NYSE:MBX - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($2.78) EPS for the quarter, missing analysts' consensus estimates of ($2.72) by ($0.06). As a group, analysts predict that MBX Biosciences, Inc. will post -13.21 EPS for the current year.

Insider Activity at MBX Biosciences

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

Hedge Funds Weigh In On MBX Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. bought a new stake in shares of MBX Biosciences in the third quarter worth about $11,691,000. Barclays PLC purchased a new position in MBX Biosciences during the 3rd quarter valued at approximately $426,000. Teachers Retirement System of The State of Kentucky bought a new stake in MBX Biosciences in the 3rd quarter worth approximately $694,000. Geode Capital Management LLC purchased a new stake in shares of MBX Biosciences during the 3rd quarter worth approximately $579,000. Finally, Frazier Life Sciences Management L.P. bought a new position in shares of MBX Biosciences during the 3rd quarter valued at approximately $155,499,000.

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.