MBX Biosciences (NYSE:MBX) Trading 4.6% Higher - Here's Why

MBX Biosciences, Inc. (NYSE:MBX - Get Free Report)'s share price shot up 4.6% during trading on Tuesday . The company traded as high as $20.74 and last traded at $20.02. 19,745 shares were traded during trading, a decline of 85% from the average session volume of 131,484 shares. The stock had previously closed at $19.14.

Wall Street Analysts Forecast Growth

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

MBX Biosciences Stock Performance

The business has a fifty day moving average of $21.29.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Frazier Life Sciences Management L.P. acquired a new stake in shares of MBX Biosciences in the third quarter valued at approximately $155,499,000. NEA Management Company LLC acquired a new stake in MBX Biosciences during the 3rd quarter worth $93,904,000. Wellington Management Group LLP acquired a new stake in shares of MBX Biosciences during the third quarter worth about $74,261,000. RA Capital Management L.P. purchased a new position in shares of MBX Biosciences in the 3rd quarter valued at approximately $39,264,000. Finally, Franklin Resources Inc. purchased a new position in MBX Biosciences in the 3rd quarter valued at $11,691,000.

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.