MBX Biosciences (NYSE:MBX) Shares Down 3.6% – Should You Sell?

MBX Biosciences, Inc. (NYSE:MBX) shares were down 3.6% on Friday . The company traded as low as $19.93 and last traded at $20.22. Approximately 17,809 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 120,763 shares. The stock had previously closed at $20.97.

Analyst Upgrades and Downgrades

MBX has been the subject of several research analyst reports. JPMorgan Chase & Co. began coverage on MBX Biosciences in a research note on Tuesday, October 8th. They issued an “overweight” rating and a $30.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of MBX Biosciences in a research report on Tuesday, October 8th. They issued a “buy” rating and a $40.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of MBX Biosciences in a report on Tuesday, October 8th. They set a “buy” rating and a $35.00 target price for the company. Finally, Guggenheim began coverage on shares of MBX Biosciences in a research report on Tuesday, October 8th. They issued a “buy” rating and a $44.00 price target on the stock.

MBX Biosciences Stock Performance

The business’s 50 day moving average price is $22.09.

MBX Biosciences (NYSE:MBX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($2.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.72) by ($0.06). As a group, research analysts anticipate that MBX Biosciences, Inc. will post -13.21 earnings per share for the current year.

Insider Activity at MBX Biosciences

In other news, major shareholder Life Sciences X. L.P. Frazier purchased 625,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was bought at an average cost of $16.00 per share, for a total transaction of $10,000,000.00. Following the completion of the purchase, the insider now directly owns 4,552,774 shares of the company’s stock, valued at $72,844,384. The trade was a 15.91 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward T. Mathers acquired 500,000 shares of MBX Biosciences stock in a transaction dated Monday, September 16th. The stock was purchased at an average cost of $16.00 per share, for a total transaction of $8,000,000.00. Following the completion of the purchase, the director now directly owns 3,614,486 shares in the company, valued at approximately $57,831,776. This represents a 16.05 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Hedge Funds Weigh In On MBX Biosciences

A number of hedge funds have recently made changes to their positions in MBX. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of MBX Biosciences in the third quarter worth about $278,000. Point72 Asset Management L.P. purchased a new position in shares of MBX Biosciences in the third quarter valued at $405,000. Barclays PLC acquired a new stake in MBX Biosciences during the 3rd quarter valued at $426,000. Geode Capital Management LLC purchased a new stake in MBX Biosciences during the 3rd quarter worth $579,000. Finally, Point72 DIFC Ltd acquired a new position in MBX Biosciences in the 3rd quarter worth $624,000.

MBX Biosciences Company Profile

MBX Biosciences, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of precision peptide therapies for the treatment of endocrine and metabolic disorders. Its lead product candidate is MBX 2109, a parathyroid hormone peptide prodrug, which is in Phase 2 clinical trial designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism.