MBX Biosciences (NASDAQ:MBX) Shares Gap Down – Here’s What Happened

MBX Biosciences, Inc. (NASDAQ:MBX) shares gapped down prior to trading on Thursday . The stock had previously closed at $33.94, but opened at $28.97. MBX Biosciences shares last traded at $32.4040, with a volume of 970,385 shares.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MBX shares. Wall Street Zen upgraded shares of MBX Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Mizuho boosted their target price on shares of MBX Biosciences from $38.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Guggenheim decreased their target price on MBX Biosciences from $84.00 to $77.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Cowen began coverage on MBX Biosciences in a research report on Tuesday, November 4th. They set a “buy” rating on the stock. Finally, TD Cowen began coverage on MBX Biosciences in a research report on Tuesday, November 4th. They set a “buy” rating for the company. Nine research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

MBX Biosciences Price Performance

The stock has a market capitalization of $1.44 billion, a P/E ratio of -13.44 and a beta of 0.75. The company has a 50 day moving average price of $21.61.

MBX Biosciences (NASDAQ:MBX) last posted its earnings results on Thursday, November 6th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.10.

Insiders Place Their Bets

In related news, CEO P. Kent Hawryluk purchased 20,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was bought at an average price of $13.64 per share, for a total transaction of $272,800.00. Following the purchase, the chief executive officer owned 468,277 shares in the company, valued at $6,387,298.28. The trade was a 4.46% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Patrick J. Heron acquired 666,666 shares of the stock in a transaction dated 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 $93,949,920. The trade was a 14.64% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 706,666 shares of company stock valued at $12,537,788 over the last quarter. Insiders own 52.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Woodline Partners LP lifted its position in MBX Biosciences by 33.3% during the 3rd quarter. Woodline Partners LP now owns 1,201,150 shares of the company’s stock worth $21,020,000 after acquiring an additional 300,047 shares during the last quarter. XTX Topco Ltd boosted its stake in MBX Biosciences by 223.6% during the 3rd quarter. XTX Topco Ltd now owns 38,378 shares of the company’s stock valued at $672,000 after purchasing an additional 26,517 shares during the period. Baker BROS. Advisors LP bought a new position in MBX Biosciences in the 3rd quarter worth approximately $4,861,000. Creative Planning acquired a new position in shares of MBX Biosciences during the third quarter worth approximately $503,000. Finally, SummitTX Capital L.P. acquired a new position in MBX Biosciences during the 3rd quarter valued at $513,000.

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.