Wellington Management Group LLP Takes $74.26 Million Position in MBX Biosciences, Inc. (NYSE:MBX)

Wellington Management Group LLP acquired a new stake in shares of MBX Biosciences, Inc. (NYSE:MBX - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,937,853 shares of the company's stock, valued at approximately $74,261,000. Wellington Management Group LLP owned 8.79% of MBX Biosciences at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in MBX Biosciences during the third quarter worth about $278,000. Point72 Asset Management L.P. bought a new position in shares of MBX Biosciences during the 3rd quarter valued at about $405,000. Point72 DIFC Ltd acquired a new position in shares of MBX Biosciences in the 3rd quarter worth approximately $624,000. Soros Fund Management LLC bought a new stake in shares of MBX Biosciences in the 3rd quarter worth approximately $779,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in MBX Biosciences during the third quarter valued at approximately $1,200,000.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, major shareholder Life Sciences X. L.P. Frazier purchased 625,000 shares of MBX Biosciences stock in a transaction dated Monday, September 16th. The stock was acquired at an average cost 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 represents a 15.91 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Edward T. Mathers purchased 500,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was purchased at an average cost of $16.00 per share, with a total value of $8,000,000.00. Following the purchase, the director now owns 3,614,486 shares in the company, valued at $57,831,776. This represents a 16.05 % increase in their position. The disclosure for this purchase can be found here.

MBX Biosciences Trading Up 5.0 %

MBX Biosciences stock traded up $1.09 during mid-day trading on Wednesday, hitting $22.74. The company's stock had a trading volume of 205,817 shares, compared to its average volume of 129,400. MBX Biosciences, Inc. has a 52-week low of $15.31 and a 52-week high of $27.50. The stock's 50 day moving average is $21.58.

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

MBX Biosciences 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.