MBX Biosciences (NASDAQ:MBX) Trading Down 8.4% – Here’s Why

MBX Biosciences, Inc. (NASDAQ:MBX)’s stock price fell 8.4% during trading on Monday . The company traded as low as $28.50 and last traded at $27.9810. 114,486 shares traded hands during trading, a decline of 61% from the average session volume of 292,247 shares. The stock had previously closed at $30.55.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MBX shares. Truist Financial initiated coverage on MBX Biosciences in a research report on Wednesday, October 15th. They issued a “buy” rating and a $50.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of MBX Biosciences in a research report on Wednesday, October 8th. Mizuho upped their target price on MBX Biosciences from $38.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. TD Cowen initiated coverage on shares of MBX Biosciences in a research note on Tuesday, November 4th. They set a “buy” rating for the company. Finally, Guggenheim dropped their price target on shares of MBX Biosciences from $84.00 to $77.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Ten research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.63.

MBX Biosciences Trading Down 5.8%

The stock has a market capitalization of $1.29 billion, a PE ratio of -12.10 and a beta of 0.86. The stock has a 50-day simple moving average of $28.09.

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 Buying and Selling at MBX Biosciences

In related news, Director Steven L. Hoerter acquired 20,000 shares of the company’s stock in a transaction dated Friday, October 17th. The shares were bought at an average price of $13.25 per share, for a total transaction of $265,000.00. Following the acquisition, the director owned 20,000 shares in the company, valued at $265,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO P. Kent Hawryluk bought 20,000 shares of MBX Biosciences stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average price of $13.64 per share, with a total value of $272,800.00. Following the purchase, the chief executive officer owned 468,277 shares of the company’s stock, valued at $6,387,298.28. This trade represents a 4.46% increase in their position. The SEC filing for this purchase provides additional information.

Hedge Funds Weigh In On MBX Biosciences

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

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.