MBX Biosciences (NYSE:MBX) Stock Price Down 7.9% – Time to Sell?

MBX Biosciences, Inc. (NYSE:MBX)’s stock price dropped 7.9% during mid-day trading on Thursday . The stock traded as low as $20.88 and last traded at $20.95. Approximately 99,102 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 128,853 shares. The stock had previously closed at $22.74.

Wall Street Analysts Forecast Growth

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

MBX Biosciences Stock Down 6.2 %

The stock has a fifty day simple moving average of $21.57.

MBX Biosciences (NYSE:MBX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.72) by ($0.06). On average, analysts forecast that MBX Biosciences, Inc. will post -13.21 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Life Sciences X. L.P. Frazier purchased 625,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were 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 owns 4,552,774 shares of the company’s stock, valued at $72,844,384. The trade was a 15.91 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edward T. Mathers purchased 500,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was bought at an average price of $16.00 per share, for a total transaction of $8,000,000.00. Following the completion of the acquisition, the director now directly owns 3,614,486 shares in the company, valued at approximately $57,831,776. This trade represents a 16.05 % increase in their position. The disclosure for this purchase can be found here.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of MBX Biosciences in the 3rd quarter worth $278,000. Point72 Asset Management L.P. acquired a new stake in shares of MBX Biosciences in the 3rd quarter worth $405,000. Barclays PLC acquired a new stake in shares of MBX Biosciences in the 3rd quarter worth $426,000. Geode Capital Management LLC acquired a new stake in shares of MBX Biosciences in the 3rd quarter worth $579,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of MBX Biosciences in the 3rd quarter worth $624,000.

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.