MBX Biosciences (NASDAQ:MBX) Stock Price Down 5.2% After Analyst Downgrade

MBX Biosciences, Inc. (NASDAQ:MBX) traded down 5.2% during trading on Monday after Guggenheim lowered their price target on the stock from $84.00 to $77.00. Guggenheim currently has a buy rating on the stock. MBX Biosciences traded as low as $23.65 and last traded at $24.23. 302,735 shares were traded during mid-day trading, a decline of 51% from the average session volume of 612,583 shares. The stock had previously closed at $25.57.

A number of other equities research analysts also recently commented on MBX. Mizuho increased their price objective on MBX Biosciences from $38.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. Oppenheimer initiated coverage on shares of MBX Biosciences in a research report on Wednesday, July 16th. They issued an “outperform” rating and a $38.00 price target for the company. Citigroup reaffirmed an “outperform” rating on shares of MBX Biosciences in a research note on Monday, September 22nd. TD Cowen assumed coverage on shares of MBX Biosciences in a research note on Tuesday, November 4th. They set a “buy” rating on the stock. Finally, Cowen started coverage on MBX Biosciences in a report on Tuesday, November 4th. They issued a “buy” rating for the company. Nine analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.50.

Insider Buying and Selling at MBX Biosciences

In other MBX Biosciences news, CEO P. Kent Hawryluk bought 20,000 shares of MBX Biosciences stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $13.64 per share, for a total transaction of $272,800.00. Following the completion of the purchase, the chief executive officer directly owned 468,277 shares of the company’s stock, valued at $6,387,298.28. The trade was a 4.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven L. Hoerter purchased 20,000 shares of the company’s stock in a transaction dated Friday, October 17th. The shares were acquired at an average price of $13.25 per share, for a total transaction of $265,000.00. Following the purchase, the director owned 20,000 shares in the company, valued at $265,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 706,666 shares of company stock worth $12,537,788 over the last 90 days.

Institutional Investors Weigh In On MBX Biosciences

A number of large investors have recently bought and sold shares of the business. MPM Bioimpact LLC bought a new position in shares of MBX Biosciences in the 1st quarter valued at approximately $8,361,000. Vanguard Group Inc. grew its position in MBX Biosciences by 60.7% during the third quarter. Vanguard Group Inc. now owns 1,677,362 shares of the company’s stock worth $29,354,000 after buying an additional 633,678 shares in the last quarter. Woodline Partners LP increased its position in shares of MBX Biosciences by 44.1% during the first quarter. Woodline Partners LP now owns 877,461 shares of the company’s stock valued at $6,476,000 after purchasing an additional 268,740 shares during the period. Sio Capital Management LLC bought a new position in MBX Biosciences in the second quarter worth $2,750,000. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of MBX Biosciences during the 1st quarter valued at about $1,292,000.

MBX Biosciences Stock Up 1.7%

The firm’s 50 day moving average is $16.22. The company has a market cap of $836.73 million, a P/E ratio of -10.42 and a beta of 1.20.

MBX Biosciences (NASDAQ:MBX) last posted its earnings results on Thursday, November 6th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.10.

About MBX Biosciences

We are a clinical-stage biopharmaceutical company focused on the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. Our company was founded by global leaders with a transformative approach to peptide drug design and development. Leveraging this expertise, we designed our proprietary Precision Endocrine Peptide™, or PEPTM, platform to overcome the key limitations of unmodified and modified peptide therapies and to improve clinical outcomes and simplify disease management for patients.