MBX Biosciences (NYSE:MBX) Shares Down 4.5% - Here's What Happened

MBX Biosciences, Inc. (NYSE:MBX - Get Free Report)'s stock price dropped 4.5% on Friday . The company traded as low as $21.01 and last traded at $22.10. Approximately 51,340 shares were traded during trading, a decline of 61% from the average daily volume of 131,975 shares. The stock had previously closed at $23.14.

Analyst Ratings Changes

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

MBX Biosciences Stock Performance

Insider Buying and Selling

In other MBX Biosciences news, Director Edward T. Mathers bought 500,000 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was purchased at an average cost of $16.00 per share, for a total transaction of $8,000,000.00. Following the completion of the purchase, the director now owns 3,614,486 shares of the company's stock, valued at $57,831,776. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Life Sciences X. L.P. Frazier purchased 625,000 shares of the firm's stock in a transaction on 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 acquisition, the insider now directly owns 4,552,774 shares in the company, valued at $72,844,384. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Edward T. Mathers acquired 500,000 shares of the stock in a transaction dated Monday, September 16th. The shares were bought at an average cost 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 approximately $57,831,776. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

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.