MBX Biosciences (NASDAQ:MBX) Stock Price Down 8.8% – Here’s Why

Shares of MBX Biosciences, Inc. (NASDAQ:MBX) traded down 8.8% during trading on Tuesday . The company traded as low as $35.87 and last traded at $36.5370. 708,034 shares were traded during trading, an increase of 15% from the average session volume of 614,707 shares. The stock had previously closed at $40.08.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MBX shares. UBS Group reaffirmed a “buy” rating on shares of MBX Biosciences in a research note on Tuesday, February 24th. Weiss Ratings restated a “sell (d-)” rating on shares of MBX Biosciences in a report on Tuesday, April 21st. Stifel Nicolaus set a $56.00 price target on shares of MBX Biosciences in a research report on Tuesday. Citigroup reiterated an “outperform” rating on shares of MBX Biosciences in a research note on Tuesday. Finally, Guggenheim increased their price objective on MBX Biosciences from $77.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, MBX Biosciences presently has an average rating of “Moderate Buy” and an average price target of $60.22.

MBX Biosciences Stock Performance

The company’s 50 day moving average price is $31.46 and its 200-day moving average price is $31.84. The stock has a market cap of $1.68 billion, a P/E ratio of -16.00 and a beta of 0.78.

MBX Biosciences (NASDAQ:MBX) last released its quarterly earnings results on Thursday, March 12th. The company reported ($0.49) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.15. On average, analysts forecast that MBX Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

Insider Activity at MBX Biosciences

In other MBX Biosciences news, CEO P. Kent Hawryluk purchased 18,500 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was bought at an average cost of $28.41 per share, with a total value of $525,585.00. Following the completion of the transaction, the chief executive officer owned 486,777 shares of the company’s stock, valued at $13,829,334.57. The trade was a 3.95% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 52.19% of the company’s stock.

Institutional Investors Weigh In On MBX Biosciences

A number of hedge funds have recently made changes to their positions in MBX. Russell Investments Group Ltd. grew its position in MBX Biosciences by 4,131.4% during the third quarter. Russell Investments Group Ltd. now owns 1,481 shares of the company’s stock valued at $26,000 after buying an additional 1,446 shares during the period. FNY Investment Advisers LLC purchased a new position in MBX Biosciences in the third quarter valued at about $27,000. GF Fund Management CO. LTD. purchased a new position in MBX Biosciences in the fourth quarter valued at about $28,000. Strs Ohio grew its position in shares of MBX Biosciences by 128.6% during the 1st quarter. Strs Ohio now owns 1,600 shares of the company’s stock valued at $48,000 after acquiring an additional 900 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of MBX Biosciences by 59.6% during the 4th quarter. Royal Bank of Canada now owns 1,532 shares of the company’s stock worth $49,000 after purchasing an additional 572 shares during 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.