MBX Biosciences (NASDAQ:MBX) Trading 8.5% Higher on Analyst Upgrade

MBX Biosciences, Inc. (NASDAQ:MBX) shares rose 8.5% during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $57.00 to $91.00. Mizuho currently has an outperform rating on the stock. MBX Biosciences traded as high as $64.48 and last traded at $65.17. 237,808 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 703,149 shares. The stock had previously closed at $60.06.

A number of other analysts also recently issued reports on the stock. UBS Group restated a “buy” rating and set a $90.00 price objective on shares of MBX Biosciences in a report on Thursday, July 23rd. Truist Financial upped their price objective on MBX Biosciences from $50.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Wall Street Zen raised MBX Biosciences from a “sell” rating to a “hold” rating in a report on Tuesday. Stifel Nicolaus set a $56.00 target price on MBX Biosciences in a research note on Tuesday, May 12th. Finally, Lifesci Capital raised MBX Biosciences to a “strong-buy” rating in a research note on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, MBX Biosciences has a consensus rating of “Moderate Buy” and an average target price of $71.12.

Hedge Funds Weigh In On MBX Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Aaron Wealth Advisors LLC grew its position in MBX Biosciences by 40.0% in the 4th quarter. Aaron Wealth Advisors LLC now owns 70,000 shares of the company’s stock valued at $2,208,000 after buying an additional 20,000 shares during the last quarter. Candriam S.C.A. acquired a new position in MBX Biosciences during the first quarter worth $8,787,000. Eventide Asset Management LLC purchased a new stake in shares of MBX Biosciences in the 4th quarter worth about $28,071,000. Seven Fleet Capital Management LP purchased a new position in MBX Biosciences during the 4th quarter valued at about $574,000. Finally, Elmind Capital LP acquired a new position in MBX Biosciences during the fourth quarter worth about $6,655,000.

MBX Biosciences Trading Up 7.9%

The business has a 50 day moving average of $46.60 and a 200-day moving average of $38.38. The stock has a market cap of $3.08 billion, a PE ratio of -29.35 and a beta of 0.16.

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.