MBX Biosciences (NYSE:MBX) Trading Up 6.5% - Still a Buy?

MBX Biosciences, Inc. (NYSE:MBX - Get Free Report)'s stock price was up 6.5% during mid-day trading on Friday . The stock traded as high as $18.19 and last traded at $17.59. Approximately 13,724 shares were traded during trading, a decline of 89% from the average daily volume of 119,514 shares. The stock had previously closed at $16.51.

Analysts Set New Price Targets

MBX has been the subject of a number of research reports. Stifel Nicolaus started coverage on MBX Biosciences in a research report on Tuesday, October 8th. They set a "buy" rating and a $40.00 price target for the company. Guggenheim started 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. JPMorgan Chase & Co. began coverage on MBX Biosciences in a research report on Tuesday, October 8th. They set an "overweight" rating and a $30.00 price target on the stock. Finally, Jefferies Financial Group started coverage on MBX Biosciences in a report on Tuesday, October 8th. They issued a "buy" rating and a $35.00 price objective for the company.

MBX Biosciences Stock Performance

The firm's 50-day simple moving average is $22.20.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MBX. Barclays PLC acquired a new position in MBX Biosciences in the 3rd quarter valued at about $426,000. Teachers Retirement System of The State of Kentucky acquired a new stake in MBX Biosciences during the third quarter worth approximately $694,000. Geode Capital Management LLC purchased a new stake in MBX Biosciences in the 3rd quarter worth approximately $579,000. Frazier Life Sciences Management L.P. acquired a new position in MBX Biosciences in the 3rd quarter valued at $155,499,000. Finally, Jane Street Group LLC purchased a new position in shares of MBX Biosciences during the 3rd quarter worth $690,000.

About MBX Biosciences

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.