MBX Biosciences (NASDAQ:MBX) Reaches New 52-Week High – Still a Buy?

MBX Biosciences, Inc. (NASDAQ:MBX)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $71.12 and last traded at $70.70, with a volume of 695976 shares. The stock had previously closed at $64.41.

Wall Street Analysts Forecast Growth

MBX has been the subject of a number of analyst reports. Stifel Nicolaus set a $56.00 price target on MBX Biosciences in a research note on Tuesday, May 12th. UBS Group restated a “buy” rating and issued a $90.00 target price on shares of MBX Biosciences in a research report on Thursday, July 23rd. Barclays increased their price target on shares of MBX Biosciences from $66.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Citizens Jmp boosted their price objective on shares of MBX Biosciences from $76.00 to $86.00 and gave the company a “market outperform” rating in a research report on Tuesday, May 12th. Finally, Mizuho raised their target price on MBX Biosciences from $57.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, MBX Biosciences has an average rating of “Moderate Buy” and a consensus price target of $71.12.

MBX Biosciences Price Performance

The stock has a market cap of $3.37 billion, a P/E ratio of -31.99 and a beta of 0.10. The business’s fifty day moving average price is $50.06 and its 200 day moving average price is $39.46.

Hedge Funds Weigh In On MBX Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in MBX Biosciences by 27.0% in the second quarter. Geode Capital Management LLC now owns 348,447 shares of the company’s stock valued at $3,976,000 after buying an additional 73,989 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of MBX Biosciences by 171.6% during the second quarter. Rhumbline Advisers now owns 23,662 shares of the company’s stock worth $270,000 after buying an additional 14,950 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of MBX Biosciences during the second quarter worth $135,000. The Manufacturers Life Insurance Company lifted its stake in shares of MBX Biosciences by 73.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 87,097 shares of the company’s stock valued at $994,000 after acquiring an additional 36,987 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of MBX Biosciences by 40.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,329 shares of the company’s stock valued at $106,000 after acquiring an additional 2,682 shares in the last quarter.

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.