MBX Biosciences (NASDAQ:MBX) Stock Price Down 5.8% – Here’s What Happened

Shares of MBX Biosciences, Inc. (NASDAQ:MBX) dropped 5.8% during trading on Friday . The company traded as low as $30.20 and last traded at $30.26. Approximately 174,849 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 639,815 shares. The stock had previously closed at $32.11.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of MBX Biosciences in a report on Wednesday, October 8th. Mizuho increased their target price on MBX Biosciences from $38.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. Truist Financial assumed coverage on MBX Biosciences in a research note on Wednesday, October 15th. They set a “buy” rating and a $50.00 price target on the stock. Wall Street Zen raised MBX Biosciences from a “sell” rating to a “hold” rating in a research note on Sunday, December 21st. Finally, Citigroup reiterated an “outperform” rating on shares of MBX Biosciences in a report on Monday, September 22nd. Ten analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, MBX Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.63.

MBX Biosciences Price Performance

The firm’s 50 day simple moving average is $26.17. The stock has a market capitalization of $1.36 billion, a P/E ratio of -12.67 and a beta of 0.75.

MBX Biosciences (NASDAQ:MBX) last posted its quarterly earnings data 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.

Insider Activity at MBX Biosciences

In related news, Director Steven L. Hoerter acquired 20,000 shares of the company’s stock in a transaction on Friday, October 17th. The shares were acquired at an average cost 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 approximately $265,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO P. Kent Hawryluk purchased 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were purchased at an average price of $13.64 per share, for a total transaction of $272,800.00. Following the completion of the acquisition, the chief executive officer owned 468,277 shares of the company’s stock, valued at $6,387,298.28. The trade was a 4.46% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 52.19% of the company’s stock.

Institutional Trading of MBX Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. FNY Investment Advisers LLC purchased a new position in shares of MBX Biosciences during the third quarter worth about $27,000. Hudson Bay Capital Management LP bought a new position in shares of MBX Biosciences in the 3rd quarter worth $1,488,000. Woodline Partners LP increased its holdings in shares of MBX Biosciences by 33.3% in the 3rd quarter. Woodline Partners LP now owns 1,201,150 shares of the company’s stock worth $21,020,000 after buying an additional 300,047 shares during the last quarter. XTX Topco Ltd raised its position in shares of MBX Biosciences by 223.6% during the 3rd quarter. XTX Topco Ltd now owns 38,378 shares of the company’s stock valued at $672,000 after buying an additional 26,517 shares in the last quarter. Finally, Baker BROS. Advisors LP bought a new stake in shares of MBX Biosciences during the 3rd quarter worth $4,861,000.

MBX Biosciences Company Profile

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.