MBX Biosciences (NYSE:MBX) Shares Gap Up – Time to Buy?

MBX Biosciences, Inc. (NYSE:MBX)’s share price gapped up prior to trading on Monday . The stock had previously closed at $17.61, but opened at $18.33. MBX Biosciences shares last traded at $17.95, with a volume of 7,933 shares.

Wall Street Analysts Forecast Growth

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

MBX Biosciences Stock Performance

The business’s 50-day moving average price is $22.83.

MBX Biosciences (NYSE:MBX) 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). On average, analysts anticipate that MBX Biosciences, Inc. will post -13.21 EPS for the current year.

Insider Activity at MBX Biosciences

In other news, Director Edward T. Mathers bought 500,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were bought at an average cost of $16.00 per share, for a total transaction of $8,000,000.00. Following the acquisition, the director now directly owns 3,614,486 shares of the company’s stock, valued at $57,831,776. This trade represents a 16.05 % 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 acquired 625,000 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 4,552,774 shares of the company’s stock, valued at $72,844,384. This trade represents a 15.91 % increase in their position. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On MBX Biosciences

A number of institutional investors have recently modified their holdings of MBX. Frazier Life Sciences Management L.P. purchased a new position in shares of MBX Biosciences in the 3rd quarter valued at about $155,499,000. NEA Management Company LLC purchased a new position in MBX Biosciences during the third quarter worth about $93,904,000. Wellington Management Group LLP acquired a new position in MBX Biosciences during the 3rd quarter worth approximately $74,261,000. RA Capital Management L.P. purchased a new position in shares of MBX Biosciences during the 3rd quarter worth approximately $39,264,000. Finally, Maven Securities LTD acquired a new stake in shares of MBX Biosciences in the 3rd quarter valued at approximately $1,299,000.

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.