MBX Biosciences (NASDAQ:MBX) Shares Down 6.8% – Here’s What Happened

Shares of MBX Biosciences, Inc. (NASDAQ:MBX) were down 6.8% on Wednesday . The stock traded as low as $40.21 and last traded at $40.2250. Approximately 164,703 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 730,916 shares. The stock had previously closed at $43.14.

Wall Street Analyst Weigh In

A number of research firms have commented on MBX. Truist Financial assumed coverage on shares of MBX Biosciences in a research note on Wednesday, October 15th. They issued a “buy” rating and a $50.00 price target for the company. Guggenheim upped their target price on shares of MBX Biosciences from $77.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, January 16th. Weiss Ratings restated a “sell (d-)” rating on shares of MBX Biosciences in a research report on Wednesday, October 8th. TD Cowen assumed coverage on MBX Biosciences in a report on Tuesday, November 4th. They issued a “buy” rating for the company. Finally, Mizuho raised their price objective on MBX Biosciences from $38.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, MBX Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $48.44.

MBX Biosciences Stock Performance

The company’s 50 day moving average is $31.52. The company has a market capitalization of $1.84 billion, a PE ratio of -17.19 and a beta of 0.86.

MBX Biosciences (NASDAQ:MBX) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.10.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Sio Capital Management LLC purchased a new position in shares of MBX Biosciences during the second quarter valued at approximately $2,750,000. TD Asset Management Inc boosted its holdings in MBX Biosciences by 13.1% in the second quarter. TD Asset Management Inc now owns 171,304 shares of the company’s stock valued at $1,955,000 after acquiring an additional 19,800 shares in the last quarter. Resolute Capital Asset Partners LLC purchased a new position in MBX Biosciences during the 2nd quarter valued at $567,000. Walleye Capital LLC raised its holdings in MBX Biosciences by 116.5% in the 2nd quarter. Walleye Capital LLC now owns 70,333 shares of the company’s stock worth $802,000 after purchasing an additional 37,843 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of MBX Biosciences by 34.0% during the 2nd quarter. Franklin Resources Inc. now owns 494,852 shares of the company’s stock valued at $5,646,000 after purchasing an additional 125,537 shares in the last quarter.

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.