Truist Financial Initiates Coverage on MBX Biosciences (NASDAQ:MBX)

Equities researchers at Truist Financial started coverage on shares of MBX Biosciences (NASDAQ:MBX) in a research report issued on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $50.00 price target on the stock. Truist Financial’s price objective points to a potential upside of 263.11% from the stock’s previous close.

MBX has been the subject of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of MBX Biosciences in a report on Wednesday, October 8th. Mizuho upped their target price on MBX Biosciences from $38.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Oppenheimer initiated coverage on MBX Biosciences in a research report on Wednesday, July 16th. They issued an “outperform” rating and a $38.00 price objective for the company. Citigroup reissued an “outperform” rating on shares of MBX Biosciences in a research report on Monday, September 22nd. Finally, Wall Street Zen raised MBX Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MBX Biosciences currently has an average rating of “Moderate Buy” and an average price target of $44.00.

MBX Biosciences Stock Performance

NASDAQ:MBX opened at $13.77 on Wednesday. MBX Biosciences has a fifty-two week low of $4.81 and a fifty-two week high of $27.50. The stock has a market cap of $462.53 million and a price-to-earnings ratio of -3.03.

Insider Activity at MBX Biosciences

In other MBX Biosciences news, Director Patrick J. Heron bought 666,666 shares of the firm’s stock in a transaction dated Friday, September 26th. The shares were bought at an average price of $18.00 per share, for a total transaction of $11,999,988.00. Following the completion of the acquisition, the director owned 5,219,440 shares of the company’s stock, valued at approximately $93,949,920. This trade represents a 14.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 52.19% of the company’s stock.

Institutional Trading of MBX Biosciences

Large investors have recently made changes to their positions in the business. Woodline Partners LP grew its holdings in shares of MBX Biosciences by 44.1% during the first quarter. Woodline Partners LP now owns 877,461 shares of the company’s stock worth $6,476,000 after purchasing an additional 268,740 shares during the last quarter. Parkman Healthcare Partners LLC grew its holdings in shares of MBX Biosciences by 93.1% during the first quarter. Parkman Healthcare Partners LLC now owns 328,323 shares of the company’s stock worth $2,423,000 after purchasing an additional 158,323 shares during the last quarter. Jump Financial LLC bought a new stake in shares of MBX Biosciences during the first quarter worth $214,000. Exome Asset Management LLC bought a new stake in shares of MBX Biosciences during the first quarter worth $982,000. Finally, Walleye Capital LLC bought a new position in MBX Biosciences in the first quarter valued at about $240,000.

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.