MBX Biosciences (NYSE:MBX) Shares Up 4.6% - Here's What Happened

MBX Biosciences, Inc. (NYSE:MBX - Get Free Report)'s stock price traded up 4.6% during trading on Wednesday . The stock traded as high as $23.53 and last traded at $22.85. 15,491 shares changed hands during trading, a decline of 89% from the average session volume of 144,100 shares. The stock had previously closed at $21.85.

Analyst Upgrades and Downgrades

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

MBX Biosciences Stock Up 5.6 %

Insider Activity at MBX Biosciences

In other news, major shareholder Life Sciences X. L.P. Frazier acquired 625,000 shares of MBX Biosciences stock in a transaction dated Monday, September 16th. The stock was bought at an average cost of $16.00 per share, with a total value of $10,000,000.00. Following the completion of the transaction, the insider now directly owns 4,552,774 shares of the company's stock, valued at approximately $72,844,384. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MBX Biosciences news, Director Edward T. Mathers acquired 500,000 shares of MBX Biosciences stock in a transaction that occurred 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 purchase, the director now directly owns 3,614,486 shares in the company, valued at $57,831,776. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Life Sciences X. L.P. Frazier bought 625,000 shares of the stock in a transaction on Monday, September 16th. The stock was acquired at an average price of $16.00 per share, with a total value of $10,000,000.00. Following the completion of the acquisition, the insider now owns 4,552,774 shares of the company's stock, valued at $72,844,384. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here.

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.