MBX Biosciences (NASDAQ:MBX) Posts Earnings Results, Beats Expectations By $0.10 EPS

MBX Biosciences (NASDAQ:MBX) posted its quarterly earnings results on Thursday. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.10, Zacks reports.

MBX Biosciences Trading Up 3.4%

NASDAQ MBX traded up $0.83 during trading hours on Friday, hitting $25.57. The company had a trading volume of 907,492 shares, compared to its average volume of 959,151. The company has a market cap of $859.00 million, a price-to-earnings ratio of -10.70 and a beta of 1.20. MBX Biosciences has a fifty-two week low of $4.81 and a fifty-two week high of $26.47. The business has a fifty day moving average of $15.82.

Analysts Set New Price Targets

Several research analysts have weighed in on MBX shares. Mizuho raised their price objective on shares of MBX Biosciences from $38.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Wall Street Zen raised shares of MBX Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Cowen began coverage on MBX Biosciences in a report on Tuesday. They issued a “buy” rating for the company. Truist Financial began coverage on MBX Biosciences in a research note on Wednesday, October 15th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MBX Biosciences in a report on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Insider Transactions at MBX Biosciences

In other news, CEO P. Kent Hawryluk bought 20,000 shares of MBX Biosciences stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $13.64 per share, with a total value of $272,800.00. Following the purchase, the chief executive officer directly owned 468,277 shares of the company’s stock, valued at approximately $6,387,298.28. This trade represents a 4.46% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven L. Hoerter bought 20,000 shares of the firm’s stock in a transaction on Friday, October 17th. The stock was purchased at an average price of $13.25 per share, with a total value of $265,000.00. Following the transaction, the director owned 20,000 shares in the company, valued at $265,000. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 706,666 shares of company stock worth $12,537,788. Insiders own 52.19% of the company’s stock.

Hedge Funds Weigh In On MBX Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in MBX. Vanguard Group Inc. grew its holdings in MBX Biosciences by 60.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,677,362 shares of the company’s stock worth $29,354,000 after buying an additional 633,678 shares in the last quarter. MPM Bioimpact LLC boosted its position in MBX Biosciences by 14.3% during the 2nd quarter. MPM Bioimpact LLC now owns 1,294,416 shares of the company’s stock worth $14,769,000 after acquiring an additional 161,466 shares during the period. Geode Capital Management LLC grew its stake in shares of MBX Biosciences by 27.0% in the second quarter. Geode Capital Management LLC now owns 348,447 shares of the company’s stock worth $3,976,000 after purchasing an additional 73,989 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of MBX Biosciences by 73.8% during the second quarter. The Manufacturers Life Insurance Company now owns 87,097 shares of the company’s stock valued at $994,000 after purchasing an additional 36,987 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of MBX Biosciences by 50.9% during the second quarter. Bank of America Corp DE now owns 42,387 shares of the company’s stock valued at $484,000 after purchasing an additional 14,297 shares during the period.

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.