MBX Biosciences (NASDAQ:MBX) Stock Price Up 6.9% – Still a Buy?

Shares of MBX Biosciences, Inc. (NASDAQ:MBX) were up 6.9% on Tuesday . The company traded as high as $21.98 and last traded at $22.0360. Approximately 133,942 shares changed hands during trading, a decline of 78% from the average daily volume of 606,227 shares. The stock had previously closed at $20.61.

Analyst Ratings Changes

MBX has been the subject of several analyst reports. TD Cowen assumed coverage on shares of MBX Biosciences in a research report on Tuesday. They set a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MBX Biosciences in a research report on Wednesday, October 8th. Oppenheimer started coverage on MBX Biosciences in a research note on Wednesday, July 16th. They set an “outperform” rating and a $38.00 target price on the stock. Truist Financial started coverage on MBX Biosciences in a report on Wednesday, October 15th. They issued a “buy” rating and a $50.00 price target for the company. Finally, Wall Street Zen upgraded MBX Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.00.

MBX Biosciences Price Performance

The company has a 50 day moving average of $15.13. The firm has a market capitalization of $708.38 million, a price-to-earnings ratio of -4.65 and a beta of 1.19.

Insider Activity at MBX Biosciences

In other news, Director Patrick J. Heron acquired 666,666 shares of the stock in a transaction that occurred on Friday, September 26th. The shares were bought at an average cost of $18.00 per share, for a total transaction of $11,999,988.00. Following the acquisition, the director owned 5,219,440 shares in the company, valued at approximately $93,949,920. This represents a 14.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven L. Hoerter bought 20,000 shares of the firm’s stock in a transaction dated Friday, October 17th. The stock was purchased at an average price of $13.25 per share, for a total transaction of $265,000.00. Following the transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $265,000. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have purchased 706,666 shares of company stock valued at $12,537,788.

Institutional Investors Weigh In On MBX Biosciences

A number of institutional investors have recently modified their holdings of the company. Virtus Investment Advisers LLC grew its stake in shares of MBX Biosciences by 9.6% in the second quarter. Virtus Investment Advisers LLC now owns 8,772 shares of the company’s stock valued at $100,000 after buying an additional 766 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of MBX Biosciences by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 94,546 shares of the company’s stock worth $698,000 after buying an additional 1,235 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MBX Biosciences by 40.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,329 shares of the company’s stock worth $106,000 after purchasing an additional 2,682 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of MBX Biosciences by 33.0% during the second quarter. Intech Investment Management LLC now owns 14,271 shares of the company’s stock worth $163,000 after purchasing an additional 3,543 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new stake in shares of MBX Biosciences during the first quarter worth about $32,000.

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.